A.S. Watson and Amorepacific Signed Agreement to Bring More K-Beauty to Customers in Asia
SEOUL, KOREA & HONG KONG SAR - Media OutReach - 27 June 2023 - Korean beauty, also known as K-Beauty, has left an indelible mark upon the world of beauty from introducing sheet masks, BB creams, and serums to people's daily skincare routines.
A.S. Watson Group, the world's largest international health and beauty retailer, and South Korea's biggest beauty company Amorepacific Group signed agreement in Seoul, Korea to further strengthen the collaboration between the two companies to entice customers around Asia with K-beauty.
Malina Ngai, CEO of A.S. Watson (Asia & Europe), is excited about the agreement, "Our strategic partnership with Amorepacific Group started in 2019 and we're excited to take it to the next level. K-beauty products are globally lauded for their use of creative ingredients combined with science-backed formulas. We have observed that K-beauty is widely searched, and we continue to see steady increase in demand not only in Asia but also in Europe."
"For the A.S. Watson Group, we recorded a strong double-digit sales growth for overall K-Beauty products in the 12 months. Leverage our extensive O+O (Offline plus Online) retail platforms across Asia and Europe, I am excited about this strategic partnership with Amorepacific Group to enable our customers to access and experience an even wider range of quality beauty products inspired by the beautiful Korean culture."
Sangmok Lee, President of Amorepacific Group, said, "Through strengthening our partnership with A.S. Watson Group, we are poised to forge advantageous synergies between two industry leaders to effectively respond to the increasing diverse needs of customers in beauty care."
Ngai continued, "We are also aware of the evolving needs of eco-conscious customers hence we will work together with Amorepacific to introduce clean beauty products that minimise environmental damage."
Double-Digit Growth Opportunity in K-Beauty
According to recent report[1], global K-beauty products market generated USD8.3 billion in revenue in 2021 and it is projected to reach USD18.32 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030. This highlights the significant potential for the K-beauty market.
With over 16,100 stores under 12 retail brands in 28 markets, A.S. Watson Group offers the trendiest K- beauty products to our customers, making it the go-to destination for K-beauty enthusiasts. Its core customers are predominantly young females who are seeking the latest and trendiest beauty products.
Currently, Watsons is offering Amorepacific's haircare brands RYO and Mise-En-Scene, as well as beauty brands ETUDE and Innisfree to customers in Asia. Mise-En-Scene has been particularly well-received by customers and has been experiencing a compound sales growth of almost 30% since 2019.
More Beauty Brands Inspired by Korean Culture
As part of the strengthened partnership, A.S. Watson Group and Amorepacific Group will collaborate to introduce more derma and premium skincare brands to A.S. Watson's customers in Asia and Europe, such as illiyoon and Aestura. This partnership aims to expand the reach of these brands and provide customers with even more innovative and effective skincare options.
[1] Source: K-Beauty Products Market Report by Straits Research (https://straitsresearch.com/report/k-beauty-products-market)
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