AmorePacific to rebalance China-heavy global business

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AmorePacific to rebalance China-heavy global business - Korea Economic Daily

Quick Summary:

The portfolio rebalancing will mark a drastic strategic adjustment for the company reeling from a sharp sales drop in China, especially poor duty-free sales heavily dependent on Chinese group tourists to South Korea.“We have expanded business with a focus on China and mainly through duty-free channels,” AmorePacific said in a presentation material prepared for its Investor Day held on Wednesday.“Due to our concentration on specific regions and [sales] channels, we were late in coping with the changing [business] environment.

AmorePacific Corp., South Korea’s No.1 cosmetics group, will rebalance its China-heavy global business to focus on the US and Europe, while looking for acquisitions of new brands, the company said on Wednesday.

Since 2017, South Korean cosmetics brands have been hit hardest by China’s ban of group tours to South Korea and import restrictions in retaliation of Seoul’s decision in 2016 to deploy the US terminal high altitude area defense (THAAD) missile system.