AmorePacific defeated Chanel and LVMH Moet Hennessy Louis Vuitton SE in terms of sales and ranked 7th in the global cosmetics market.
The Korean beauty maker said on April 17 that Women's Wear Daily (WWD) ranks AmorePacific in the 7th place among the global 100 cosmetics companies. The U.S.-based fashion and beauty industry media lists global cosmetics companies every year based on their gross sales excluding those of non-cosmetics products, such as soaps, toothpastes, drugs and health supplements.
AmorePacific jumped up five spots in the ranking to take the seventh place in 2016, up from 12th in 2015, showing the most significant increase in rankings among the top 10 firms. The Korea’s largest cosmetics company posted US$5.58 billion in sales and 18.2 percent in growth rate.
LVMH, which owns Guerlain and Dior, ranked ninth, two steps raised from a year earlier, with US$5.48 billion sales and 6 percent growth rate while Chanel saw a significant drop from eighth to 11th with US$5.28 billion in sales and 1 percent in sales growth.
The achievement of AmorePacifict can be attributed to Asian consumers' preference for its five signature brands ─ Sulwhasoo, Laneige, Mamonde, Innisfree and Etude, according to WWD.
AmorePacific jumped up to 7th place in 10 years after it was listed in the global top 20 in 2007 while its sales increased fourfold to 6.697 trillion won (US$6.0 billion) from 1.566 trillion won (US$1.4 billion) during the period.
In the meantime, L'Oreal once again topped the podium with US$28.6 billion in sales, followed by Unilever with U$20.5 billion, Proctor & Gamble with US$15.4 billion and Estee Lauder with US$11.4 billion.