[THE INVESTOR] Amorepacific, South Korea’s biggest cosmetics maker, will set foot in the Middle East by launching the first Etude House store in Dubai in the second half of this year, the firm said on Jan. 11.
Last December, the cosmetics maker joined hands with Alshaya Group, the largest retail firm in the Middle East, to tap into the fast-growing Middle Eastern cosmetics market.
The first Etude House store in Dubai, United Arab Emirates, is slated for launch in the second half of this year. Amorepacific
Amorepacific will gradually expand its presence in the region, including Kuwait, Saudi Arabia and Qatar, the firm said in a statement.
According to market researcher Euromonitor, the Middle East’s cosmetics market was valued at $18 billion in 2015, and it will grow 15 percent per year to be worth 36 billion by 2020.
After extensive research, Amorepacific established its Middle East branch in Dubai, United Arab Emirates, last May, as the mega city leads cosmetic trends in the region.
“There is a growing desire for Asian beauty among Middle Eastern consumers. We will connect a new Eurasia path by spreading an innovative beauty culture that only Amorepacific can make,” said Amorepacific Chairman Seo Kyung-bae.
“Alshaya’s brand portfolio has diversified with Amorepacific’s Etude House. I am glad to introduce the essence of Asian beauty to Middle Eastern consumers,” said Alshaya Group Chairman Mohammed Alshaya.
As the largest retailer in the Middle East, Alshaya Group currently handles distribution for over 70 global retail brands, such as Starbucks, H&M and Victoria’s Secret. It also operates over 3000 stores across a wide variety of sectors, including fashion and medicine.
By Kim Bo-gyung/The Korea Herald (email@example.com