AmorePacific Group’s LANEIGE beauty product. (image: AmorePacific Group)
SEOUL, Apr. 10 (Korea Bizwire) — AmorePacific Group said Wednesday that its leading brand, LANEIGE, has entered the European market as South Korea’s leading cosmetics maker accelerates its overseas push.
Products of AmorePacific’s mid-range LANEIGE are now available at over 800 stores of French cosmetics chain Sephora in 18 countries, including France, Russia, Spain, Italy, Poland, and Germany, it said.
“AmorePacific is thrilled to have Sephora as the exclusive retail partner for LANEIGE,” Thierry Maman, General Manager of AmorePacific Europe, said in a press release.
The lineup is comprised of some 20 beauty products, including mega-hit skincare product Water Sleeping Mask, company officials said.
Europe’s cosmetics market is estimated to account for about 22 percent of the global market as of 2017, the company said, citing a report from market research firm Euromonitor.
Amorepacific’s European business includes its luxury fragrance brand, Goutal Paris, which the company acquired in 2011. In 2017, AmorePacific also launched its luxury skincare brand Sulwhasoo in the region.
AmorePacific has been stepping up its overseas presence after suffering from weak earnings, mainly due to a plunge in the number of Chinese tourists in South Korea, its key source of revenue.
LANEIGE has entered total of 15 countries, since its first overseas launch in Hong Kong in 2002.
Last year, the business group logged a net profit of 335 billion won (US$307 million), down 16 percent on-year.
(Yonhap)
