Amorepacific headquarter has selected ‘Back to Basics’ as the company’s management principle for the year 2017 and plans to continue pursuing its vision of becoming a Great Company by proactively responding to changes in the global business environment.

In a new year kick-off meeting held at Signature Camp, on January 2, chairman Suh stated, “If we go back to basics and revisit the founder’s vision of contributing to humanity by promoting health and beauty, today’s uncertain, fast-changing business environment could open up significant opportunities for us.” He also called on employees to “share the company vision by building on its tradition of innovation and resilience that has allowed us to overcome tremendous odds and create new opportunities from changes that have come our way.”

“We have already experienced a transition from an ‘age of quantity’ where the only thing companies needed to do was roll out products, to an ‘age of quality’ where they had to make quality products. Now we are at ‘an age of class’ where companies need to create masterpiece products that can win the hearts and minds of the consumer,” said Suh, “Rather than try to become the No. 1 in the industry, we have to transform ourselves into ‘the one’ beauty brand that delivers exceptional values through our Asian Beauty initiative.”

This year, Amorepacific will redouble its efforts to achieve its business goals and get closer to its vision by focusing on a wider global presence, higher digital capabilities, more sophisticated retail channels, greater brand singularity and a more refined business innovation as well as quality innovation and sustainable growth.

▲ Wider Global Presence
Amorepacific will strengthen its inroads into global markets and in particular Greater China, the ASEAN region and North America while laying the groundwork for tapping into new markets such as the Middle East and Western Europe. It will also fine-tune its Global Operation Model including control guidelines and supply change management to allow for a more systematic collaboration.

▲ Higher Digital Capabilities
Another focus area for the company will be to develop greater digital capabilities by better enabling data-driven communication and commerce that cater to customer needs. Amorepacific will create a process that fits the digital environment and reinforce its e-commerce channels including its own online shopping malls. This will enable the company to try different changes more effectively in the digital and mobile environments and become a leader in innovative use of digital and mobile resources.

▲ More Sophisticated Retail Channels
In response to the fast-changing retail environment, Amorepacific will perform systematic analysis based on big data to optimize its store network and also continue improving its sales operation by strengthening the professional capacity of its sales workforce and developing a sophisticated work process. This will help build retail capabilities that meet the digital trend and satisfy the different needs of customers by providing them with unique shopping service and experience.

▲ Greater Brand Singularity
Developing innovative, high-quality products will allow Amorepacific to deliver unparalleled values and create a distinct charm of its brands. It will enhance its brand singularity and continue attracting new customer segments such as the Millennials, a new generation of people born between the early 1980s to the early 2000s. The company will also focus on differentiating its Cushion brands in order to meet the needs of global customers and solidify its leadership in makeup products.

▲ More Refined Business Innovation
At the heart of Amorepacific’s endeavor to achieve a more refined business innovation will be an enterprise-wide, quality-centered management and the ‘Test and Learn’ methodology by which the company will change by learning through trial and error. This approach will help the company find new growth engines and grow its business in the midst of a sluggish consumption in Korea prompted by the long-running recession.

▲ Quality Innovation and High, Sustainable Growth
Last but not least, Amorepacific will strive to improve its quality management and better serve its customers by strengthening its customer service channels. In addition, the company will develop training programs and curriculum based on its core competency in order to nurture creative artisans that deliver unique aesthetic values as well as global talents.

Amorepacific’s tradition of growing together with business partners including vendors and store owners continues into the year 2017 with more collaboration programs. The company will also work harder to develop more environment-friendly products and give back to the community through expanding its CSR activities by brand and region - all in line with its overall ambitious vision of making women’s lives more beautiful.