AmorePacific Group surpassed 2 trillion won in overseas sales for the first time since its establishment.
It owed the results of efforts made in exploring global markets, including not only Asia, but also North America.

Despite the hard times caused by the effects of China’ steps against the deployment of the U.S. Terminal High Altitude Area Defense (THAAD) system in Korea, AmorePacific achieved the feat by continuing to explore the global market. But worry mounted about the spread of the new COVID-19 severely affecting the region, potentially undermining consumption.

With a majority of overseas sales coming from China, AmorePacific might be dealt a severe blow. AmorePacific Group posted 6.234.3 trillion won in sales and 498.2 billion won in operating profit last year, the company said on Feb. 5. The group chalked up 2.078.4 trillion won in overseas sales.

The 2019 sales represented a 3.4 percent rise over the previous year due to the expanding of domestic channels, on-line and multi-shop one and overseas markets, but the company saw operating profit decline 9.3 percent due to rising overseas investments, caused by the diversifying of markets.

Asia and North America contributed to the group’s topping 2 trillion won in sales. AmorePacific Group saw sales in the Asian market shoot up 5 percent year-on-year to 1.963.5 trillion won. Sales in North America stood at 93 billion won, representing a whopping 38 percent surge year-on-year.

AmorePacific Group President Bae Dong-hyun and MAP Group CEO V.P. Sharma pose with a document on a deal on a business partnership they signed at MAP Group headquarters in Jakarta on Jan. 29.

AmorePacific Group is ratcheting up its presence in the beauty market of Indonesia, which has the fourth biggest population in the word.

The group struck a deal on business partnership with MAP Group (PT Mitra Adiperkasa Tbk). Attending a signing ceremony at MAP Group headquarters in Jakarta on Jan. 29 were AmorePacific Group President Bae Dong-hyun and MAP Group CEO V.P. Sharma.

Under the deal, AmorePacific will release Sulwhasoo, Laneige, Innisfree, Etude House products on the distribution networks operated by MAP Group.

MAP Group is an Indonesian large-sized retailer group who owns the right to operate global brands such as Starbucks and Jara there with global distribution groups like SOGO, Galleries Lafayette, and Sephora.
The group now operates about 2,300 outlets in 70 Indonesian cities.

The deal will enable AmorePacific Group to introduce Sulwhasoo, Laneige, innisfree and Estude House products to more Indonesia customers through road ships, department stores and drug stores of MAP Group.

AmorePacific Group President Bae said, “MAP’s distribution expertise and AmorePacific’s global brand will have synergetic effects to bring about best products and optimal services to Indonesian customers.”

The market survey firm Europ Monitor said the value of the Indonesian cosmetics market is forecast to jump from 6.48 trillion won in 2018 to 11.45 trillion won in 2023.

A view of AmorePacific Group headquarters in Yongsan, Seoul. (Photos: AmorePacific)