Amorepacific sales hit a record high in 2024 on the back of surging demand in the US.
The Korean conglomerate, which owns Laneige and Innisfree, recorded sales of KRW4.25tn (US$2.93bn) and operating profits of KRW249.3bn in 2024.
A strong performance across global markets, particularly in the Western regions, bolstered results, with the US market surpassing Greater China in sales for the first time.
Cosrx, which was integrated into Amorepacific's performance from the second quarter of 2024, also contributed to global business growth with continued strong sales.
“To achieve sustainable growth and profitability, Amorepacific is pursuing four strategic directions: brand competitiveness enhancement, global rebalancing acceleration, channel response strengthening and future growth preparation,” Amorepacific said in a statement.
“To enhance brand competitiveness, the company is focusing on the growth of its leading global brands, Laneige and Cosrx, while also nurturing next-generation global brands, Aestura and Hera.”
Performance varied across Asian markets, however.
Sales declined by 27% due to changes in channel transaction structures in Greater China.
This was offset by a 33% increase in sales across APAC and Japan, which the company claimed was driven by the “enhanced product competitiveness of Sulwhasoo and Laneige”.
“To accelerate global rebalancing, the company is intensively developing key strategic markets – the US, Japan, Europe, India, and the Middle East, while pursuing structural normalisation of the Chinese market,” Amorepacific added.
Amorepacific increased its stake in Cosrx in October 2024, which resulted in the hypoallergenic skin care brand becoming the business’ subsidiary.
The Korean beauty giant acquired 288,000 remaining shares held by Cosrx’s largest shareholder and related parties for Korean won KRW755.1bn.
Amorepacific became a Cosrx minority shareholder in September 2021 with the acquisition of a 38.4% stake.
Laneige also cemented its UK presence last year with a launch into retailer Space NK.
Sulwhasoo, meanwhile, became the sponsor of New York City's Metropolitan Museum of Art, as part of a year-long deal in 2024.