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Jeonggy Baek, vice chairman of AmorePacific Group Inc., listed some of what South Korea’s best known for, including Galaxy smartphone maker Samsung Group and Psy’s “Gangnam Style.”
“This worldwide craze for Korean entertainment and pop culture is known as ‘Hallyu,’ or ‘Korean Wave,’” said Baek. “This enthusiasm for the Korean Wave has been evolving into a new phenomenon called ‘K-Beauty.’ At AmorePacific, we are committed to leading K-Beauty and contributing to the beauty industry throughout the world.
“Our mission as the Asian beauty creator is to bring the finest of Asia to the world through our wisdom in East Asian ingredients and our expertise in botanical science,” continued Baek.
The 69-year-old company is already the leading South Korean health-and-beauty group. Most of its sales are generated at home, followed by China and Southeast Asia. The company, which has 28 brands, entered France in 1997 and, more recently, the U.S.
“As a result, our sales and operating profit have achieved double-digit growth annually, and our market capitalization grew almost 40 percent annually since the year 2000,” he said.
“We believe our deepening connection with Western customers opens a new and wide horizon for our future global ventures,” added Baek.
AmorePacific Research Institute focuses on cosmetics (including multifunctional creations, such as the Color Control Cushion Compact), personal care, pharmaceuticals and food.
“We put heavy emphasis on our ingredients,” said Baek. “We combine many of Korea’s indigenous ingredients with modern technology to develop the most innovative products. Ginseng, green tea and beans are the three core ingredients which embody the essence of Asian beauty and AmorePacific.”
He said: “AmorePacific strives to be a total beauty company encompassing inner and outer beauty.”