Amorepacific eyes W15 tril. in sales by 2035

Amorepacific Group Chairman Suh Kyung-bae speaks during a ceremony to commemorate the 80th anniversary of the company's founding at Amorepacific headquarters in Yongsan District, Seoul, Thursday. Courtesy of Amorepacific

Amorepacific on Monday announced its long-term growth strategy to achieve 15 trillion won ($10.77 billion) in sales by 2035, as the beauty and cosmetics giant celebrated its 80th anniversary.

According to the company, it held the 80th anniversary ceremony at its headquarters in Seoul's Yongsan District, Thursday, with Amorepacific Group Chairman Suh Kyung-bae presenting his strategy to reach the sales goal, which is more than double last year's sales of 4.26 trillion won.

“Over the next decade, we will grow into a leading global beauty and wellness company, posting over 15 trillion won in sales,” Suh said. “We will raise the share of global sales from the current 50 percent to 70 percent and actively foster global mega brands posting more than 1 trillion won in sales. In our core business of premium skin care, we will rise to a global top three company.”

Under the slogan of “Creating New Beauty,” Suh said the company will pursue a five-pronged strategy focusing on strengthening its presence in key global markets, enhancing integrated beauty solutions, developing biotechnology-based anti-aging products, driving agile organizational innovation and artificial intelligence transformation.

In recent years, Amorepacific has been steadily expanding its presence in global markets, including North America and Europe. The share of overseas sales in its total revenue rose from 37 percent in 2021 to 43 percent last year, as its cosmetics brands gain global recognition.

In the U.S., Laneige ranked among the top three skin care brands at Sephora in 2024 on the back of the growing popularity of Korean beauty products. In Europe, the 2024 sales of Laneige, Innisfree and COSRX tripled from a year earlier, boosted by the brands’ growth in the U.K.

“Amorepacific has weathered the market upheavals of the past 80 years, leading the growth and globalization of Korea’s beauty industry,” Suh said. “Going forward, we will continue to listen to our customers and propose new forms of beauty that reflect trends.”