The world is now seeing a rapid shift from pipeline to platform-based society. While the pipeline business model enabled businesses to have dominant control over consumers, the platform model allows businesses and consumers to collaborate together to create their own ecosystem; consumers sometimes take a role that were once played by businesses. Everything from the way of communication, operation of media, cultural activities and shopping are moving to a platform model. And now that data is going interactive and traveling as fast as light, data accuracy and connectivity become essential. That is why all of our products and quality data must be accurately connected and accessible to our research, production and marketing teams. If there are changes to our data, everyone involved must be able to be updated in real time and track the process. Once data is accurately linked and managed in a more systematic way, we will be able to resolve the problems we had last year.

In the past pipeline model, information went one way and sometimes it was not delivered to consumers. If any information was missing or altered, there was enough time to fix the problems of the past, but now everything is open to the public and such problems are not acceptable. All of the data should be accurate and complete. Information relating to consumers, both old and new, should be synchronized and available both online and offline. Only then will information become valuable and useful. Even though we have information of hundreds and thousands of consumers, it will be useless in this mobile age if it is only available offline, rather than online as well. I would like to emphasize that having data connected in an adequate and timely manner is the very basis of business. Let's go back to basics. The basics are always the most important in whatever you do.

Last month, APC office in Shanghai moved into a new building. I wish that APC now working in a more pleasant environment will be of great help for China and all Chinese people; a company committed to customers, providing benefits and beauty for all customers.

Meanwhile, the first innisfree store has opened in Indonesia. There were many more people than expected, and they arrived from early morning to welcome our brand on the opening day. I hope that innisfree gains more support and love from customers in new ASEAN markets across Singapore, Malaysia, Thailand and Vietnam. Moreover, ETUDE HOUSE cleaved its way through obstacles and finally opened its store in Shibuya, the most fashionable and hip street representing Tokyo. The store was full of customers on the day when I visited. Customers seemed to be happy and satisfied, and it made me happy as well. I'm sure that ETUDE HOUSE will open up to 20 stores in Japan by the end of this year to interact with more Japanese customers and deliver beauty to them.

Likewise, I see all members of AP around the world doing their part. In my view, the greatest adventure of all is to discover what seven billion people of this world want and need, I mean, not as a whole but as individually. It is our great challenge and task to find out where and how seven billion people are leading their life. Explore the unknown and see things from a new perspective. Through careful observation, you will find something new from what you already know. Do not keep your opinions to yourself. Instead of wasting time doing nothing but only vacillating, get into an adventure beyond your safe zone.

People say the Korean market is tight and tough. But, I think there must be something we are missing because we have seen it too long and too close. Let's get a fresh new perspective. Perhaps there is something you have given up after failing once in the past or things that you have always thought about doing, but never actually put into action. Is there any obstacle that gets in your way in the name of practice or rule? Ask yourself. It's time for us to be more active in taking our great journey, starting from discovering Korean customers. 'Great People, Great Company'. You all are great people and you will make Amorepacific a Great Company. Be an explorer and an adventurer. Take up the challenge of exploring the unknown and seeing things from a new perspective. While doing so, you will write a new chapter in our history.

In conclusion, I'd like to express my gratitude to you all. My past 20 years as CEO has gone smoothly and I owe it to you all. Thank you all for supporting and helping me.