In the APAC market, creation and innovation lead the beauty and cosmetics markets as consumers demand new products, applications and designs that mimic the region’s philosophies and emerging trends.
Advancement equal sales
Amorepacific has reached 100 million unit sales of its cushion compacts globally, after launching the product in 2008. The application must-have was designed with a patented sponge cushion soaked with various liquid cosmetic products including sunblock, make up base and foundation products.
The patented innovation was sold throughout the company and its 15 brands, which include Hera, Sulwhasoo, Laneige and Mamonde have now hit the 100 million unit milestone, demonstrating the necessity of innovation and technology in a growing marketplace.
Despite its ongoing success, the company has continued to invest and focus on R&D to consistently create products that will appeal to retailers.
Introducing consumers to a product or technology for the first time helps to maximise brand awareness, quality and loyalty, and is a winning formula that brands are striving to follow.
Pushing scientific boundaries
For the past ten years, Amorepacific has been concentrating on advancing technology and now uses fourth-generation cushion technology. This latest technology contains sponge-form technology that distributes liquid content to the skin and releases hyper-ultrafine particles.
Amorepacific now has 26 patents relating to cushion technology alone. In 2015, it sold over 33 million units worldwide of its Iope Air Cushion, which combines inventive cushion-type foundation with sun protection properties.
In 2015, the cosmetic company signed a memorandum of understanding (MoU) to sign over and transfer its advanced cushion technology to Christian Dior, which belongs to multinational luxury goods retailer, LVMH.
Last year, the cosmetic company set up a Cushion Laboratory (C-Lab) to solely research and produce its cushions.
Harnessing new technology
To encourage ongoing and future technological innovations, Amorepacific has recently launched ‘AP TechUP+’, a startup incubation programme that aims to help and progress beauty and healthcare startups.
The joint programme, which will see start-up builder and advocate FuturePlay plan and administer the programme, will enable Amorepacific to invest in timely markets and technologies while giving start-ups the opportunity to obtain stable business partners.
‘AP TechUP+’ includes a three-step process, incorporating advice for startups to build and grow, along with startup selection and incubation.
Amorepacific and FuturePlay created a guide map for finding technology-hungry startups by analysing future technology developments and industry predictions and forecasts in the beauty and healthcare sectors.
“Open innovation between Amorepacific’s business insight and capabilities with promising startup ideas will create synergistic opportunities in diverse areas,” said Sean Kim, Head of Group Strategy Unit at Amorepacific.
"The joint programme is expected to stimulate a startup ecosystem in the beauty and healthcare sectors.”