plans to enter France with its Oriental beauty range Sulwhasoo, 22 years after it pulled out of the country, it announced on May 25.
Sulwhasoo flagship store in Seoul
The Korean beauty giant is reportedly opening a shop-in-shop at Galeries Lafayette devoted to the premium range that sold over 1 trillion won (US$893.89 million) in 2015, the first for a Korean beauty brand.
Sulwhasoo is being sold at 195 stores in 11 countries, including 11 in North America. Amorepacific Group’s 2016 revenue in the US rose 10 percent on-year to 53.3 billion won.
The beauty giant first tapped the French market in 1988, distributing its Soon range through a local network. It established local operations in 1990, posting up to 1.3 billion won revenue in the European fashion capital and collaborated with Lolita Lempicka for a perfume. But dwindling sales and the local partner’s misfortunes led to a withdrawal that “brought tears from frustration” to then-vice president Suh Kyung-bae.
In the past two decades, Amorepacific has grown to the seventh largest beauty company by revenue, according to Women’s Wear Daily’s report on April 14. Its five major brands including Sulwhasoo are enjoying huge popularity in Asia in particular, bolstering the group’s 6.7 trillion won yearly revenue.
“The first time we failed, but we learned our lesson the hard way. We expect Sulwhasoo to appeal to French customers as there is growing interest and curiosity in Asia,” said Chairman Suh Kyung-bae .
By Hwang You-mee (firstname.lastname@example.org