President Suh Kyung-bae of AmorePacific said in his commemorative speech at a ceremony for the company’s 67th anniversary that he will lead the cosmetics firm to rank the 7th largest in the world by 2020.

He unveiled the vision at the ceremony held on Sept. 5 at the company’s head office in Yongsan, Seoul, including the strategy to achieve the vision and a plan to develop 10 cosmetics brands whose annual sales would reach 500 billion won each, which will help boost the company’s total annual sales to 11 trillion won by 2020 from 3.9 trillion won now.

“Sullhwasu” is the only brand by AmorePacific that brings in more than 500 billion won annually among the company’s cosmetics brands.

Under the long-term vision, the company would rank 10th largest in the world in 2015 with a 2.7 percent share of the global cosmetics market and a 3.8 percent share in 2020, bumping it up to number seven in the world and number one in Asia, even outranking Shiseido of Japan.

“Under the reform centered around customer service, we should be able to develop revolutionary cosmetics brands that will move our customers and boost their confidence in our brands, provided through high-level services, telling the world about the beauty of Asia,” the CEO said in his speech.

AmorePacific has been hiring and training new employees under the Haecho Project, named after the famous Buddhist monk of the Silla Dynasty, and will have to continue to add more talented people to its staff in order to reach its lofty goals.

The ancient Buddhist monk was chosen due to his pioneering travels to such far-flung countries as China and India during ancient times, which is a good symbol for the cosmetics company as it plans to broaden its market around the world.

To widen the image of the pioneering Buddhist monk, the company built and opened the “Haecho House” inside the Talent Development Institute in Yongin, Gyeonggi Province, outside Seoul.

The company dispatched marketing teams to countries in Southeast Asia, including Singapore and Vietnam, to explore the markets for its products and plans to send the teams to other countries such as Brazil in a bid to expand the market for its cosmetics.

President Suh also said in his speech that honesty will be the main theme of the company’s ethical management to win the trust of its global customers and become a trustworthy company. He also said he wants the company to be known as a friendly firm that provides sustainable brands to its customers and employs management strategies that respects both environment and customers at the same time.

At the ceremony, awards were presented to AmorePacific officers and staff and cooperative firms in recognition of their outstanding services to the company’s operations.

CEO Suh dedicated the company’s Osan Beauty Business Operation Base in Osan, Gyeonggi Province at a ceremony on May 30. The 89,000 square meter cosmetics production and R&D center was built on a 224,000 square-meter site at a cost of 370 billion-won.

The facility will be a key production and research center for the cosmetics company, which is striving to expand its output of all kinds of cosmetics products from the current level of 6 trillion won to 11 trillion won by 2020, including 2 trillion won worth to be produced at its plants in China.

The new business base is also equipped with solar power generation facilities, street lights, a water reservoir that can hold 1,400 tons of water, and a water refinement facility, among other environmentally friendly facilities.