Shared from Business of Fashion
The South Korean company, a subsidiary of Amorepacific Group, reported a net profit of 180.9 billion won ($151.2 million) in 2021, a year-on-year rise of 727.7 percent. Revenue grew 9.7 percent year-on-year to 4.86 trillion won, according to a regulatory filing.
Amorepacific credited a 40 percent surge in online sales as a major driver for growth in 2021.
The company, which owns K-Beauty brands such as Amorepacific, Sulwhasoo, Leneige, Mamonde, Innisfree and Etude, narrowed losses in its fourth quarter to 54.4 billion won, compared to 58.9 billion won in the same quarter of 2020.
China, which accounts for 70 percent of Amorepacific’s Asian sales outside Korea, saw revenue drop 10 percent, which the company attributed to the closure of many of its Innisfree brand stores in the country.
Learn more:
K-Beauty Giant Amorepacific Looks to Shift Gears In China
Amorepacific president Kim Seung-hwan reportedly dropped hints about a strategic shift for its approach to the China market during a meeting with local analysts.
Images and Article from Business of Fashion