Amorepacific’s travel retail business performed strongly both at home and internationally in the first quarter, the South Korean beauty products and wellbeing group revealed last week.
The Sulwhasoo, Laneige and Innisfree brand owner said its combined travel retail and cross-border business in the Republic, which collectively represents 22% of home market sales – and travel retail a stand-out 17% sales – continued to post “resilient growth”.
Based on that percentage Korean travel generated sales of KRW106.488 billion (US$72.4 million) in the quarter.
“The travel retail channel delivered stable growth in both domestic and overseas markets,” the company added.
In global travel retail, sales increased thanks to the expansion of key brands Sulwhasoo and Laneige into the new markets of EMEA (Europe, Middle East & Africa) and Japan.
Groupwide sales rose +6.4% year-on-year to KRW1.22 trillion (US$826.8 million) while operating profit was up +7.6% to KRW137.8 billion (US$93.7 million).
The results were driven by strong growth of the group‘s leading derma beauty brands (including Aestura, Cosrx, Illyiyoon and Iope) in both domestic and overseas markets; expansion of the Amazon business in North America; high growth of key brands such as Laneige, Hera, Aestura and Cosrx in the Japanese market; and revenue growth and profitability improvement in the domestic business.
