AmorePacific Group said Wednesday that it has signed a business agreement with Chinese retail firm Alibaba Group. Both agreed to cooperate in consumer research and development of new products.
AmorePacific Group itself is the parent company of many famous K-Beauty brands. Including Innisfree, Etude House, Laneige, MAmonde, Sulhwasoo, Espoir and many others.
To that end, it will open the “A2 Hangzhou Camp”. It is a collaborative office between the two companies, in Hangzhou. And strengthen cooperation with Alibaba Group’s “TMall Innovation Center.”
In addition, Amore Pacific Group is planning to make efforts to release new products in TMall. As well as expanding smart stores that are both online and offline.
At once, AmorePacific Group plans to use TMall as an integrated brand marketing platform beyond simple sales channels.
“The importance of product innovation and digital marketing in China’s rapidly changing beauty market is growing,” said Charles Kao, head of AmorePacific’s Chinese operations. “We will digitalize the entire process of development, production and marketing as well as release of products that accurately reflect Chinese consumer demand through cooperation with Alibaba.”
“This business agreement has opened up new possibilities for cooperation between the two companies,” said Mike Hu, head of consumer goods business at Alibaba Group. “We will continue to innovate through cooperation and provide superior products and consumption experiences to Chinese consumers.
AmorePacific Group to the world through Asia
Meanwhile, at the company’s 74th anniversary, CEO Suh Kyung-Bae stated that the biggest driving force behind the global cosmetics market over the next five years will be the Asian market. Stressing on the acceleration of growth in China, ASEAN and India, which have continued to grow steadily.
“We should continue to be a company that has customers at the center in the future,” Suh said. “We need to create innovative products that customers want, provide unique customer experiences, and achieve digitalization that matches customers’ minds.”
He went on to stress that he will actively pursue eco-friendly consumption and production. And foster individuals as a growing organization and a good company to work with all.
