After facing performance setbacks last year, Amorepacific is aiming for a rebound in the U.S. market this year.
A report released by Kiwoom Securities on Jan. 5 forecasts that Amorepacific’s revenue for this year will be 4.2177 trillion won, with operating profits expected to be 406.1 billion won.
In the third quarter of last year, Amorepacific recorded approximately a 35% increase in sales in the U.S. This growth was driven by key brands such as Sulwhasoo, which launched its 6th Generation First Care Activating Serum and Innisfree, which expanded its Multi-Brand Shop (MBS) channel touchpoints. The company is strengthening its North American market strategy by expanding the distribution networks of its flagship brands, Laneige and Innisfree, through Sephora and Amazon.
Amorepacific’s North American sales and operating profit for this year are projected to be 566.5 billion won and 123.3 billion won, respectively. The growth trend of Laneige is expected to continue, and from May, the consolidated performance of COSRX is also anticipated to be included.
The company plans to differentiate between North American and new Asian markets at the channel level and diversify platforms within each market to expand its reach to the core age group of 18-29-year-olds. Amorepacific intends to continue its growth trajectory, focusing on Amazon and key MBS channels as its main sales outlets.
The inclusion of COSRX’s consolidated performance is also a highly anticipated factor. In 2023, COSRX’s sales in North America are expected to account for more than 50% of its total sales, with a growth rate in the triple digits.