The South Korean cosmetic company described its growth overseas as “rapid” and “remarkable”.
The European market reported the strongest sales growth with 62.6% increase.
The other regions, including Asia and the Middle East, grew by 23.8%
In China, where the market environment has been subdued, sale managed to grow 11.6% by expanding its online presence and strengthening its influencer marketing.
The company also expanded its channels in Japan, which fuelled its grow by 4.1%.
In addition to maintaining its existing offline channels, it also expanded to new retail channels such as QVC and Costco.
Overall, overseas sales accounted for 56.4% of it total revenue in 2024.
Moving forward, the company sees opportunities to drive more growth in markets such as Europe, South East Asia, the Middle East, and the Americas.
For instance, Missha has been making waves on Amazon US with its Perfect Cover Serum BB Cream. The product helped to double sales year-on-year on Amazon Prime Day.
The company attributed the popularity of the product to TikTok, where the product spread through word-of-mouth.
Additionally, it aims to explore new countries in order to pursue sustainable growth.
“Able C&C continues to achieve qualitative growth based on profitability, strengthening its competitiveness in both global and domestic markets. We will solidify our long-term growth foundation by optimising our brand portfolio for each country and actively leveraging various new distribution channels,” said the firm.
Domestic channel expansion
The domestic market is seeing strong performance growth, driven by the expansion of in health and beauty (H&B) channels and specialised e-commerce platforms.
According to the firm, the diversification of distribution channels has played a key role in boosting overall sales.
It said that sales from the H&B channels recorded an increase of 103% compared to the previous year.
The company also highlighted that the launch of exclusive products in collaboration with Daiso led to a remarkable 546% surge.
Low-cost retail chains like Daiso and GS25 have emerged as promising new channels for beauty in Korea with company’s such as Amorepacific also expanding into the space.`
Additionally, e-commerce platforms Musinsa and Ably emerged as new growth drivers, with sales increasing more than sixfold.
Financial summary
The company recorded KRW264.5bn in sales for 2024 – a 3.3% decline from KRW273.6bn in the previous year.
However, the firm’s operating profit increased by 1.8 times to KRW20.3bn from KRW11.4bn.
The company said it proactively responded to changes in the market, such as adapting to changes in exchange rates and tourism trends.
It also reduced its dependence on low-profit duty-free channels and diversifying into high-profit channels.
This strategic shift helped drive overall profit increases despite a decrease in revenue.
