The K-beauty (Korean beauty) revolution, renowned for its innovative skincare formulas and novel ingredients, is taking the global beauty industry by storm. Its defining characteristics have led to a remarkable imprint in the global beauty landscape, with a surge in the popularity of products like BB creams, serums, and sheet masks. Capturing this trend, two major players in the beauty industry, A.S. Watson Group, and South Korea’s Amorepacific Group, are joining forces to bring more of the K-beauty magic to customers around Asia and Europe.
The strategic partnership between A.S. Watson, the world’s largest international health and beauty retailer, and Amorepacific, South Korea’s premier beauty company, started back in 2019. Since then, they have been harnessing the power of K-beauty to satiate the ever-evolving demands of beauty enthusiasts worldwide.
Recent data by Straits Research reveals that the global K-beauty products market brought in a staggering US$8.3 billion in revenue in 2021. Moreover, the market is expected to skyrocket to US$18.32 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.2% from 2022 to 2030. This information underpins the robust potential of the K-beauty market and the foresight of A.S. Watson and Amorepacific in consolidating their partnership.
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The alliance plans to leverage A.S. Watson’s extensive O+O (Offline plus Online) retail platforms across Asia and Europe, to introduce more derma and premium skincare brands, such as illiyoon and Aestura. This move is likely to broaden these brands’ outreach and offer customers more innovative and effective skincare options.
A.S. Watson’s network, comprising more than 16,100 stores under 12 retail brands spread across 28 markets, is an ideal platform for Amorepacific’s diverse product range. This includes popular haircare brands like RYO and Mise-En-Scene, and beauty brands ETUDE and Innisfree. The brand Mise-En-Scene has been particularly well-liked, witnessing a compound sales growth of nearly 30% since 2019.
Moreover, as the beauty industry navigates towards a more sustainable and eco-friendly future, the partnership is set to develop clean beauty products, minimizing environmental damage.
As A.S. Watson and Amorepacific strengthen their bond, they set the stage for a remarkable synergy, aptly responding to the diverse needs of beauty care customers. Their partnership symbolizes a promising journey in making K-beauty more accessible, thereby reshaping the beauty retail landscape for years to come.
This news is based on the report by marketing-interactive.
