AmorePacific expects sales to reach 1.4B yuan in China in 2012, a 34% increase over 2011; Chinese cosmetics market to reach 110B yuan in 2012
December 22, 2011
– AmorePacific Corp., the No. 1 cosmetics manufacturer in South Korea, expects sales in China to reach 1.4 billion yuan (US$221 million) in 2012, a 34% increase over 2011 sales, the Korea Herald reported on Dec. 22.
The sales increase is attributed to AmorePacific steadily growing its door-to-door sales efforts, which were initiated in 2006. Currently, door-to-door sales comprise 27% of AmorePacific’s Chinese sales.
China is the world’s #2 economy and offers large growth potential to cosmetics manufacturers. Experts forecast the Chinese cosmetics market will reach 110 billion yuan by 2015. AmorePacific Corp. faces competition from Procter & Gamble and L’Oreal, as both companies are well-entrenched in the Chinese market. AmorePacific is currently ranked #14 among Chinese cosmetics companies.
In 1993, AmorePacific launched a wholly owned subsidiary in China. In 1997 AmorePacific started to produce its Mamonde brand, which grew into the fourth-biggest cosmetics brand in Shenyang, Harbin and Changchun.
The primary source of this article is the Korea Herald, Seoul, South Korea, on Dec. 22, 2011.