South Korea’s largest cosmetics conglomerate Amorepacific Group is venturing into Australia with its mid-tier Laneige brand as part of efforts to tap into new markets and broaden its country portfolio.
The Korean beauty powerhouse said Wednesday its Laneige products have hit the shelves of Sephora’s offline and online stores in Australia.
Earlier this year, the company set up a local entity in Melbourne and named Caroline Dunlop as its new head. Dunlop is a beauty expert in the Oceania region who has served as head of retail marketing at MECCA Brands and brand general manager at Estée Lauder Companies.
Amorepacific plans to build on its experience of launching Laneige in U.S. Sephora last year and gradually introduce more brands to Australians including Amorepacific and Innisfree.
“We intend to step up efforts to branch out to other countries,” said a company official.
According to market research firm Euromonitor International, Australia’s beauty market was worth 7 trillion won ($6.57 billion) in 2016, showing a stable annual growth rate of 5 percent. Australians tend to be big spenders in cosmetics as the luxury segment accounts for nearly 35 percent of the total market. The country’s average cosmetics spending per person also ranks in the global top five.
By Kang Da-young and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]