An amplified collaboration agreement has been inked between the health and beauty juggernaut A.S. Watson Group and South Korea’s beauty mogul Amorepacific Group. This strategic move aims to capitalize on the flourishing K-beauty industry, which is captivating customers across Asia and beyond.
The K-beauty product sector has observed remarkable growth, with revenues standing at US$8.3bn in 2021. According to Straits Research, the K-beauty market is forecasted to achieve a substantial leap to US$18.32bn by 2030, with a projected Compound Annual Growth Rate (CAGR) of 9.2% from 2022 to 2030. This auspicious growth potential fuels the mutual drive for the partners to cultivate their relationship further.
The alliance’s primary objective is to expand A.S. Watson Group’s customer access to Amorepacific’s derma and premium skincare brands, such as illiyoon and Aestura, across Asia and Europe. The collaboration’s extended reach aims to provide consumers with a wider range of innovative and effective skincare solutions.
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A.S. Watson Group, a retail titan with over 16,100 stores under 12 retail brands in 28 markets, is extending its customers’ accessibility to Amorepacific’s top haircare and beauty brands. Brands like RYO, Mise-En-Scene, ETUDE, and Innisfree are now readily available to Asian beauty enthusiasts. Mise-En-Scene has garnered positive customer feedback, with sales experiencing a robust compound growth of nearly 30% since 2019.
Malina Ngai, CEO of A.S. Watson (Asia & Europe), confirmed the partnership’s optimism. She highlighted the K-beauty industry’s unique combination of creative ingredients and science-backed formulas. The company has noted steady growth in demand for K-beauty products, not just in Asia, but also in Europe.
The group has seen robust double-digit sales growth for K-beauty products over the past year. Leveraging their extensive O+O (Offline plus Online) retail platforms across Asia and Europe, the partnership hopes to broaden customer accessibility to quality beauty products inspired by the rich Korean culture.
Responding to the rising demand for eco-conscious products, the partnership is also committed to introducing clean beauty products to minimize environmental harm.
Sangmok Lee, president of Amorepacific Group, shared his views on this collaboration. He expressed confidence that this enhanced partnership with A.S. Watson Group would create beneficial synergies, addressing the diversifying needs of beauty care customers effectively.
News based on Marketing Interactive.
