Beauty industry has a big market around the world, minding half the population has interest in beauty. One of the world most innovative is Amorepacific. The South-Korean company is parent to top K-beauty brands such as Laneige, Innisfree, Etude and Espoir.
From Mum’s kitchen to Amorepacific across the ocean
It surprisingly started off in a small kitchen in Gaesong city, now a part of North Korea. A lady with six children bought the best camellia in the market and made her own camellia oil. The oil is used for hair treatment, popular to the stylish people around the city.
Suh Sung-Whan, the second child, then helped his mother. He made better packaging. And soon persuaded his mother to expand the business to other products. They then started to sell skin lotions.
Suh then established the business in 1945, just a slight after Korean independence from Japan. And a little before the Korean War. However, ambitions brought Suh to go forward. With the goal of going across the pacific ocean, Amorepacific was born.
Unthinkable innovations
Suh Kyung-bae, the second son of the former Suh, took over the company in 1997. Acknowledging the growing technology, he built a R&D department. Innovations put the company on top and bringing it across the ocean to the US and European market. It also made Amorepacific to top 18th of The World’s Most Innovative Company.
One of the most popular and prized innovation is Amorepacific’s cushion. Not the cushion on the sofa. The company put a lot of effort in pressing skincare, sunscreen and liquid foundation into one formula. It took BB cream to another level. Just like having 3 steps of make up in one compact, light, and easily applicable package.
With 19 variations through its’ many brands, Amorepacific increase its sale in a year by 105%. More than 26 million items were made and sold in 2015, that’s 1 cushion sold per second. The magical cushion also brought a whipping 1000% leap of sales from overseas.
K-pop and K-beauty chains
The constant promotion from the K-Pop and K-Drama industry helps Amorepacific gaining its’ now $18.7 billion market cap. For example in 2017, Innisfree’s sponsor for K-Pop idol survival program, Mnet’s Produce 101. The contestants used the Clay Mask product during the show and it instantly risen to 300% increase of sales. The bromide event, where customers got a poster from buying $100 worth of the product gained a three year worth of sales in just a day.
