The Korean cosmetics manufacture said the partnership would allow it to strengthen its business portfolio and introduce its premium beauty brands, such as Laneige and Mamonde, into new markets.
“[AmorePacific and A.S. Watson] are both passionate and committed to combining our knowledge and capabilities to bring the best products and shopping experience to our customers,” said Malina Ngai, Group Chief Operating Officer of A.S. Watson Group.
Increasing international presence
As sales at Korean brick-and-mortar stores continue to slump, AmorePacific has been actively strengthening its position in the market by expanding into multi-brand shops like Watsons, Sephora and Eveandboy.
Previously, the company collaborated with A.S. Watson to launch its botanical skin care brand Mamonde as well as haircare brands RYO and Mise-En-Scene in Asia with the help of its vast consumer data and insights.
“The success reflects A.S. Watson’s capabilities in powerful brand launch through its scalable network and customer connectivity,” said A.S. Watson.
Additionally, AmorePacific sales in Europe fell 19% last year. For 2019, it said it planned to secure competitiveness through “brand renewal and entry of new brands”.
The Korean company added that A.S. Watson was the “perfect retail partner” and hopes its renewed partnership with the firm will further strengthen its brand awareness and increase its share in the global cosmetics market.
“Through the partnership with A.S. Watson Group, we look forward to developing concrete plans that create synergy and is a win for both companies. AmorePacific will continue our efforts to expand accessibility for customers globally, and create novel experience for customers in 2019,” said Saehong Ahn, president of AmorePacific Group.
“Go-to” K-beauty retailer
A.S. Watson is the world’s largest international health and beauty retailer with a network of over 14,900 stores under 12 retail brands in 25 markets across Asia and Europe. It also has a strong online presence.
According to retailer, it has become the “go-to” place for K-beauty consumers given that its core consumer group is relatively young.
The Group revealed that sales of Korean cosmetics products have experienced 56% compound sales growth since 2015. In Europe, the category is steadily gaining traction and grew 122% since last year.
“A.S. Watson and AmorePacific are both leading players in serving beauty customers. Our customers love Korean beauty products that bring not only innovation but also quality – this is what AmorePacific can provide,” said Ngai.