A Brand New Start for
AmorePacific
The company vows to grow to be among top 10 cosmetics firms in the world

AmorePacific Corp., the nation's No.1 cosmetics firm, is committed to have a new start in its operation on the occasion of its 60th founding anniversary on September 5.
The company has many firsts in its business areas including launching the sale of the first vegetable property cosmetics in 1951, the first to set up an R&D unit in 1954, the first to export cosmetics abroad in 1964, the first to start a make-up campaign and the first to break the 300 billion won-level in sales revenue in 2004.
For these reasons, the history of AmorePacific is the history of the cosmetics industry in Korea. The company is still the No.1 cosmetic firm in the country from the start of its operation in 1945, although it? been 60 years since it? launching.
Many foreign companies set up shop in Korea during those years and customers tastes changed with the passing of years bringing turbulent market conditions, but AmorePacific stayed its course and maintained its No.1 position throughout its history.
Suh Kyung-bae, president of AmorePacific, looking back at his firm? record during the past 60 years, said that as people reach the age of 60, AmorePacific has matured enough also to challenge the world market for cosmetics taking advantage of its know-how and become a global concern for beauty and health care products as a matured young company.
The road laid out for a matured young AmorePacific as President Suh said is designed to make it grow and become a global company in two business areas in the next 10 years; beauty and health care businesses. In the beauty care business alone, the company will produce 10 cosmetic mega brands and see that each product? annual sale would top $100 million to boost the company's position to become one of the top 10 cosmetics firms in the world.
There has been no doubt that the company has been No.1 in the industry, but it has been confined to the domestic side only, not overseas.
The company has all along felt the need for brands to challenge the world cosmetic market; especially in view of the fact Korea? cosmetic market is the No.1 in the world in terms of turnover.
In the area of health care and food, the company plans to develop five brand name products including the Sollok tea it already has been marketing. All told, the company projects its beauty product sales would reach $4 billion annually by boosting 30 percent of its sales to come from overseas with 1 trillion won in the health care and food sector, about 20 percent of total annual sales revenue.
President Suh thinks that key word in business in the next 10 years will be "well being,"which cannot be separated from beauty and health as a value, making the business prospect for AmorePacific bright.
The company has also been stressing the word "culture"a lot in the past with late chairman Suh paying a great attention to growth of the company's green tea business through the sale of its Sollok tea and drug named Katotop for rheumatism, which is marketed by affiliate AmorePacific Pharmaceutical, an integral part of the company's future business strategy. The late chairman all his life tried to bring tea culture to the general public and the company wants to take over from him the tradition of leadership for tea culture and strengthen it to the extent that the Korean tradition would be known all over the world.
The company has gone all out to make tea culture known by drumming up the publicity for its Amore Museum located in Yongin City, Gyeonggi Province, and 'Osollock Museum'on Jeju Island.
Next month, the company plans to hold a special exhibition entitled, "Korean Women's Style and Beauty"at the Tokyo Folk Art Hall which would put on display such traditional Korean women's accessories as hair pins, rings and make-up sets, among others.
There will also be a photo collection publication with photos taken by photographer Bae Byung-woo. nw

AmorePacific President Suh Kyung-bae.