AMOREPACIFIC group to enter the Australian market. AMOREPACIFIC said that it will start full-scale launch in Australian beauty market starting from Laneige.
Laneige, opened in Sephora is the first brand to enter the Australian market for AMOREPACIFIC group.
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“We are excited to be meeting with our Australian customers after a long preparation,” said Seo Kyung-bae, president of Amorepacific Group. “We are planning to show various brands in Australia, including Laneige.”
AMOREPACIFIC has been analyzing the cosmetics market and consumers in Australia for several years.
Earlier this year, the company established Australian subsidiary in Melbourne and appointed Caroline Dunlop, who oversees retail marketing at Australian cosmetics store Mecca, as an overseas presidents.
Laneige plans to actively promote its products based on water-based products such as Water Sleeping Mask, Water Bank Essence, Lip Sleeping Mask, and last year’s successful launch experience of American Sephora to attract customers in Australia.
According to Euromonitor, a global market analysis agency, the beauty market in Australia was about 7 trillion won in 2016, growing at an average annual rate of 5%.
Luxury and premium products account for about 35% of the total, and are classified as mature advanced markets with cosmetics consumption per capita being the top five in the world.
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Especially, due to the strong UV rays, skin care is high, and it is highly sensitive to global beauty trend, and it is recognized that ‘K-beauty’ has high recognition and favorability.
Meanwhile, AMOREPACIFIC Group plans to launch AMOREPACIFIC, a global luxury beauty brand, and Innisfree, a global naturalism brand, in the Australian market, following Laneige.
(Source: News Hankyung )