BEAUTY IN ASIA: AMOREPACIFIC Amorepacific is shaping the face of beauty
Amorepacific is doing more than due diligence when it comes to providing cutting-edge products to its tech-savvy consumer base and most recently won an Innovation Award at the 2020 Consumer Electronics Show for the personalised 3D Face Mask service. David Park, Senior Vice President, Amorepacific Global Travel Retail, tells Charlotte Turner how technology will ‘shape the future of the beauty industry’.
H
ow would you describe the last 12 months for Amorepacific’s
travel
retail business, inclusive of Q1 2020? Can you comment on the negative impacts to the business you have observed as result of the coronavirus (Covid-19)? In 2019 we registered sales of over KRW 1.5 trillion ($1.2bn) in Korean and international travel retail channels. Amorepacific’s year-on-year growth exceeded 20% and was led mostly by Sulwhasoo and Laneige. Even though Covid-19 has been the cause of some small disruptions in Q1 2020, we will concentrate more on the future profitability of our stores, improving internal stability and seeking qualitative growth.
Many DF&TR industry stakeholders are of the opinion that we can use this period to ready ourselves for the recovery and try to reinvent some elements of the business. What are your thoughts on this? We are now focusing on how we can provide better customer service once the market recovers. Currently, we are communicating closely with our BAs (Beauty Advisors) in store about the situation and working to improve their customer service capabilities
through online training. We will actively push new products [and run promotional campaigns] in markets that are likely to recover more quickly. For that, we are closely monitoring conditions in each regional market.
We understand many brands are considering diverting more of their stock to China during this period, as this region is expected to recover first. Is this part of your strategy? We believe that the Chinese market will be the first to bounce back and thus we are setting our business strategies accordingly. In particular, we expect that Hainan Island will see
a quick recovery in the number of incoming tourists with full support from the Chinese government and we are also currently gearing up for the upcoming Labor Day in May.
At this time, brands are adapting their businesses to combat the devastating impacts of Covid-19. Those brands (and retailers) who have robust ecommerce and omnichannel solutions are faring better than those who don’t. What position would you say Amorepacific is in when it comes to its product availability online (in duty free & travel retail)? We are accelerating our digital
“We expect that Hainan
Island will see a quick recovery in the number of incoming tourists with full support from the Chinese government and we are also currently gearing up for the upcoming Labor Day in May.”
David Park,
Senior Vice President, Amorepacific Global Travel Retail
Perfect for gifting: the beautifully embroidered Sulwhasoo Perfecting Cushion. MAY 2020 TRBUSINESS 79
Above: Sulwhasoo Store at Haitang bay Duty Free Shop in China.
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