By Kim Young-gyo
AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, expects to see a 30-percent jump in its sales in China in 2012 as the company continues to tap into one of the world’s fastest growing cosmetics markets, company officials said Wednesday.
AmorePacific aims to boost its China sales to top 1.4 billion yuan (US$ 223.7 million) in 2012 from 1.08 billion yuan last year, they said.
In 2011, the company’s Chinese sales soared 34 percent on-year, on the popularity of its flagship brand Laneige as well as its masstige brand Mamonde.
China has become one of the most important markets for AmorePacific, as the second-largest cosmetics market in Asia after Japan continues to expand rapidly. The cosmetics market in China is expected to reach 110 billion yuan by 2015.
With huge growth potential, the Chinese cosmetics market is coveted by foreign makers. Global cosmetics companies such as Procter & Gamble Co. and the L’Oreal Group, which have strong footholds in the mid-range to high-end segments, have been intensifying their competition in the world’s No. 2 economy.