South Korean cosmetics giant Amorepacific announced the appointment of Kim Seung-Hwan as its new president on 19th November, in a major post-COVID-19 shakeup following lackluster sales this year.
Kim previously served multiple roles including as head of the human resources unit. He will replace Bae Dong-hyun as the group’s president from next year.
The age gap between Kim and Bae has been seen as a move to bring younger blood into power as the company struggles to fend off competition both at home and abroad.
Jung Hye-Jin, who previously oversaw the company’s premium brands unit, will become the head of Laneige, a cosmetics brand known for its skin care lines and facial sheet masks.
The year has been tough for Amorepacific.
Its net profit during the third quarter plunged over 93 percent from a year ago after sales at offline channels such as duty-free shops, department stores and budget cosmetics outlets took a beating from the pandemic, the company said.
It is also trailing rival LG Household & Health Care, which has beaten Amorepacific every quarter this year in sales thanks in part to a jump in its home care and daily beauty product sales.
(Source: Korea Herald)