AmorePacific invests in Jeju 'hub' to encourage tourism

By Michelle Yeomans

- Last updated on GMT

AmorePacific invests in Jeju 'hub' to encourage tourism

Related tags South korea

AmorePacific has invested in South Korea's Jeju Province to establish a hub that will allow the software, beauty and tourism industries to form a network and gain access to tools that develop products.

The Japanese cosmetics giant has invested 100 billion (South Korean Won) in innovation centers and helping to establish a fund that will go towards financing start-ups and small businesses.

Amorepacific will operate a separate innovation center in the southern part of the island from September and will focus on cosmetics and green tea while helping start-ups with research and launching tourism programs. 

This will come as good news to local businesses who reported profits to have declined in Jeju due to excessive competition, despite attracting 12.3 million tourists in 2014.

Nowadays, Jeju is not just a tourist place, but a place for creation and innovation for entrepreneurs and artist migrants,​” says the initiative driver, President Park Geun-hye.

A flurry of investment...

AmorePacific has also been investing in the West of late, having now become the first Korean cosmetics brand to open a store in New York's renowned Bloomingdales.

Previously to that, the brand popped up at Bergdorf Goodman and by 2005 the company had also invested in Neiman Marcus.

Commenting on the first venture of this kind for any Korean cosmetic company, a spokesperson said; “With the technology using three natural materials, including green tea, ginseng, and beans, [our] products have finally begun to work in the global market.”

According to various industry analysts, Korean firms now more than ever, consider it necessary to succeed in New York if they are to become a leading player in the global market.

"Hong Kong is a gateway to the Asian market, and New York serves that role in North and Latin Americas,​" adds AmorePacific chairman Suh Kyung-bae.

Meanwhile, the cosmetics player also signed 'a memorandum of understanding' with Parfums Christian Dior whereby the Asian giant offered its innovative 'Cushion' technology to the luxury player.

Both say the new found partnership will bring a plethora of innovative beauty experiences to a broader customer base and to further strengthen their growth in the international cosmetics market.

As part of the deal, Christian Dior should be able to use AmorePacific’s technology for its own products.

"This agreement holds great significance in that our 'Cushion' technology is appreciated by one of the world's most respected luxury brand companies and a powerhouse in the global beauty industry​," says Sang-Bae Shim, Amorepacific president.

The 'Cushion' is a make-up compact featuring a specially-designed foundation with a urethane foam that preserves the liquid formula and provides sun protection.

It has become a popular product for its convenience and according to global research firm TNS Korea, 75% of Korean women have used or are currently using cushion products.

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