Korean cosmetics giant Amorepacific Group has made it to Australian shores this week.
The Amorepacific said in a statement it has opened a counter for its mid-range brand Laneige inside Sephora stores and has also started selling the range online.
It describes the launch as “its forerunner to the Australian market”. Makeup consumers will still have to wait for the cosmetics company to open its brick and mortar store in the country. It also opened its Melbourne head office last year.
Furthermore, the Korean cosmetics company announced plans to launch its luxury flagship brand Amorepacific, and eco-friendly Innisfree label later this year. Caroline Dunlop, Amorepacific Australia’s first GM said working with Sephora in the US had proven a success and it had high expectations in their Australian partnership.
“Our journey of beauty in Australia will begin with the launch of Laneige and as we progress, we will continue to present many unique brand experiences to local customers,” said Dunlop.
Amorepacific is also ramping up its international expansion to compensate for a sharp decline in the number of Chinese tourists into South Korea.
“I am very excited to meet with Australian customers after a long preparation,” Suh Kyung-bae, chairman of Amorepacific Group, said.
Australia’s cosmetics market was estimated at about 7 trillion won (US$6.56 billion) in 2016, with an average annual growth rate of 5 per cent, the company said, citing data from market research house Euromonitor. In a statement, Amorepacific said it has studied the advanced beauty market in Australia and its customers over several years.
“The study revealed that Australian customers are indeed very beauty conscious with a keen interest in global trends and innovation developed particularly to protect against strong UV rays and other environmental factors that can cause skin damage. It was also found that their preference for a natural makeup look with healthy skin has led to a growing interest in Korean beauty trends (K-beauty),” said Amorepacific.
The Chinese tourist challenge has affected the cosmetic company’s earnings, which declined last year by 39.7 per cent.
This story was first published on Inside Retail Asia.
