AmorePacific makes it onto Forbes 'most innovative companies' list

By Michelle Yeomans contact

- Last updated on GMT

Related tags: Korea, Cosmetics

AmorePacific makes it onto Forbes 'most innovative companies' list
South Korea beauty giant, AmorePacific has made its debut at No. 28 in Forbes 2015 'World’s Most Innovative Companies' list. 

Alongside this ranking, AmorePacific currently stands as the world’s 14th largest cosmetics company; boasting 30 brands in its portfolio, including Hera, IOPE, Laneige, Etude House.

According to Forbes, the brand's shares has surged more than 250 per cent since the beginning of 2014 and last year’s revenue jumped 20 per cent from the previous year to $4 billion.

The company is most known for its 'cushion compact', attracting worldwide attention and revolutionizing the make-up routine for women.

The ‘Cushion’ refers to a make-up compact built with specially-designed urethane foam that safely contains and preserves make-up liquid comprised of foundation, sunscreen and skin care formula.

It has been a popular product in Korea for convenience and according to global research firm TNS Korea, 75 per cent of Korean women have used or are currently using Cushion products.

It is also said to have changed the make-up habits of Korean women by reducing the steps and time needed in creating the skin-looks they prefer, with many saying the Cushion is their sole base make-up product.

Popularity

The popularity within the country is also having an effect globally, such as the influence of K-Beauty (Korean beauty), as according to a 2013 survey conducted by the Korea Tourism Organization, more than 50 per cent of the foreign visitors to Korea have purchased cosmetics products.

Among Korean cosmetics products, Cushion is now creating a global beauty trend beyond its domestic popularity.

As a result of this AmorePacific says that the global sales of Cushion products under its brands are expected to exceed 50 million units on a cumulative basis during January 2015.

With the total sales of these products increasing 105 per cent YoY to 26 million units, an AmorePacific Cushion was sold every 1.2 seconds in 2014. In particular, the sales of the products outside of Korea surged approximately 140% YoY.

One to watch..

As of 2015, the Korean cosmetics maker offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions, leading the ‘globalization’ of the Korean-born Cushion.

“Cushion, created from AmorePacific’s innovative technology, is a revolutionary product that is changing the make-up routines of women across the world and is going to be at the centre of global beauty trend in 2015,”​ says Suh Kyung-Bae, Chairman & CEO AmorePacific Group.

“AmorePacific will continue to pioneer and lead the global Cushion market with the company’s unparalleled technology and superior products,”​ he adds.

Related topics: Brand Innovation

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