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| A consumer has a clerk apply a Sulwhasoo skincare product at Parkson Department Store in Beijing, China in this file photo. AmorePacific sees strong growth potential in the neighboring country thanks to the continued popularity of Korean beauty products. / Courtesy of AmorePacific |
AmorePacific's premium skincare line edges out global brands
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| Luminature Essential Finisher |
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| Capsulized Ginseng Fortifying Serum |
AmorePacific's premium skincare line Sulwhasoo is expected to become the nation's first cosmetics brand with annual sales of 1 trillion won ($931.96 million) this year.
The brand's sales last year were estimated at 800 billion won, accounting for 17 percent of the firm's total sales. The figure is expected to rise steeply this year on robust sales in China and other Asian counties where Korean cosmetics are in vogue.
The nation's biggest cosmetics maker has committed itself to improving the quality of its products, customer service and brand power in order to make Sulwhasoo Asia's leading cosmetics brand.
"Sulwhasoo has been the best-selling cosmetics brand at Korean department stores for ten straight years. This means the brand has a solid customer base in Korea," an AmorePacific official said. "The brand is now increasingly recognized in other counties."
Sulwhasoo has been the best-selling premium cosmetics brand at department stores here since 2012, outselling international brands such as Chanel, Estee Lauder and SK-II.
Sulwhasoo garnered international attention in 2012 after it was revealed that Ri Sol-ju, wife of North Korean leader Kim Jong-un, was a loyal consumer.
Officials said Sulwhasoo's rapid growth was propelled by its five best-selling sub-products ― First Care Activating Serum (an essential regimen boosting serum), Luminature Essential Finisher (an essential finisher formulated with traditional Korean herbs), Concentrated Ginseng Renewing Cream (a revitalizing cream), Capsulized Ginseng Fortifying Serum (a serum formulated with capsulated ginseng) and Perfecting Cushion (a multi cushion foundation).
These products have relatively high price tags compared with similar skincare products, but they are in high demand in China, Singapore, Hong Kong and other Asian markets for their proven effectiveness. As of December last year, Sulwhasoo products are available in nine countries ― China, Thailand, Hong Kong, the United States, Indonesia, Singapore, Taiwan, Malaysia and Vietnam.
Of them, the company sees growth potential with China. Sulwhasoo was among 42 of the most popular Korean products in China, according to a survey last year.
"We will be able to develop products customized for Chinese consumers," AmorePacific CEO Suh Kyung-bae was quoted as saying in an interview last year. "By locally producing them, we can also guarantee better quality. We want Chinese consumers to feel comfortable, as if the products were made by a Chinese firm."
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| Perfecting Cushion |
Last year, AmorePacific became the world's 17th largest cosmetics company in terms of sales, according to Women's Wear Daily, a U.S. trade publication specializing in fashion. L'Oreal ranked top with Unilever coming second and Procter & Gamble third. The Seoul-based company is aiming for the No. 7 spot, a goal it hopes to achieve on the back of robust sales in China and the rest of the Asia-Pacific region.
To that end, the company opened a new plant in Shanghai last year.
1st cosmetics with ginseng extract
Sulwhasoo originated from ABC Ginseng Cream, the nation's first cosmetics made with ginseng extract that was launched in 1966. It was re-launched in 1997 as Sulwhasoo with improved quality, which officials said was attributable to the company's continued research and study on ginseng and other medical herbs.
In that year, the First Care Activating Serum made a big hit in the domestic market, boosting public awareness of ginseng-based cosmetics. It has since maintained the status as the best-selling product in the Sulwhasoo line.
The product is an essential regimen boosting serum for optimal skincare results, which is good to apply in the first step of skincare treatment.
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| Concentrated Ginseng Renewing Cream |
In January last year, AmorePacific sold its 20 millionth bottle of First Care Activating Serumm, with the company's accumulated sales reaching one trillion won. Its popularity has been recognized several times by major retailers and reputed media outlets, including in 2013 by Cosmopolitan, an international beauty magazine, as one of the ten best beauty products in Asia.
The Luminature Essential Finisher made its debut in April 2013 and instantly made its mark in the market. Its sales reached 10 billion won in one month, the shortest time among Sulwhasoo-line products.
This skincare product is enriched with Locsamhyo, an optimized combination of ginseng and green tea. It promotes natural luminosity and skin clarity. One bottle of Luminature Essential Finisher contains five roots of ginseng and the antioxidant benefits of 110 cups of green tea, officials said, adding it was designed to seal in all benefits of previously applied products while creating a "perfect canvas" for makeup application.
The Concentrated Ginseng Renewing Cream is AmorePacific's signature anti-aging cream.
This treatment is formulated with the roots, berries and water of rare five-year-old Korean ginseng. It helps stimulate cell regeneration to revitalize and ultimately restore youthful looking skin.
"It was the hard-won fruit of our years-long study on ginseng and development of skincare technologies," an official said. "It was one of the most innovative anti-aging products based on ginseng extract."
Such efforts paid off, given that the cream has won several top prizes in the category of anti-aging product.
The Capsulized Ginseng Fortifying Serum is another anti-aging serum. It helps increase skin's youthful resilience and diminishes deep rooted wrinkles. It also helps rediscover youthful vitality through the restorative power of ginseng. Recharged with new-found strength, the skin smoothes out lines and wrinkles from within, officials said.
The Perfecting Cushion is a multi cushion foundation that gives users "flawlessly healthy resilience and radiance" with long-lasting coverage and hydration.
Cushion refers to a make-up compact built with specially-designed urethane foam that safety contains and preserves make-up liquid comprised of foundation, sunscreen and skincare formula. The product has been one of the most popular cosmetics products in Korea for convenience.
