The message I'd like to share today is that we should always keep in mind our reason for being. Unfortunately, we often forget this living life in the fast lane and running a business. But, we must remind ourselves of the purpose of our existence and our mission. Think deeply of how we have come this far and who we will lead our future. Our mission is to make a more beautiful world. Through beauty, we help customers build self-esteem and live a happier life. That's what we have done and what we will continue to do.

 In the 1960s, our 'door-to-door sales system' stemmed from a question about how we could reach customers and make them happy. In the 1990s, we asked ourselves about the value of our being through all the difficulties we faced. This led to the development of 'IOPE Retinol 2500', an innovative product of our own and the first of functional product. Ten years ago when many jumped into the beauty retail market, we deliberated on things only we could do and as a result, brought our original innovative model, 'ARITAUM' into the world.

 Campaigns for the healthy life of women, our main customer base, including the Pink Ribbon Campaign, Makeup Your Life, and other CSR programs are all in the same vein. As members of Amorepacific, we must each take the purpose of our existence and our mission to heart. Without this, we would be wandering aimlessly. The final step of shipbuilding is rudder setting. That's because the rudder is the most important component of a ship. And so is our mission; it keeps us moving straight forward. Now that new spring is here, let's remind ourselves again of our mission to make a more beautiful world.

 Customers are changing fast. They have traditionally been considered as a person who buys goods and services from store. In Descartes's way of saying, customers might have said I buy, therefore I am. But not anymore. As customers today don't just buy products anymore, they should say I use, therefore I am, or perhaps I experience, therefore I am. Communication between customers has become increasingly more important than between business and customers. For example, good customer reviews are more influential than awards at the prestigious Cannes Lions International Festival of Creativity. The purchase journey of customers is important, but the post-purchase phase is just as important. The way customers engage with brands is changing. In the past, customers were able to get only the specific information provided by a company. But, today, they can get information as they want from all different sources and, what's more, they can be an information source. They create, send, and exchange information with others. In short, customers have changed from mere buyers into experienced users.

 Young people today use Airbnb for their holidays, and some of you must be using it as well. Traditional hotels see customers as buyers. They raise their room charges in the peak season when demand increases and use promotional events, like one free night after two stays to lure customers. But, Airbnb communicates with customers in a whole different way. They invite those who want to enjoy festival, famous restaurants, and great views. Their focus is on the user experience. I saw some Airbnb ads few weeks ago about people fully absorbed in the beauty of nature. It was very different from the usual hotel ads that we have seen or thought of.

 Accept the fact that customers have changed and are changing even as we speak. Customers are changing faster than we can realize, and we have to work harder to keep up with them. The purpose of our existence is to make customers happy and beautiful. And to fulfill our purpose, we should change faster than customers do. It requires three things – as I have always said.

 First, the development of innovative products. Check our products again, find if there is anything to correct, and ask ourselves whether they are truly innovative. Every department including marketing, sales, R&D, and production should communicate with each other and work together. By putting ideas together, we may be able to create something that's beyond our expectation. Look into the whole course of product development to see whether a fundamental change is needed.

 Second, customer experience innovation. In the past, it was like competition was all on the shelf. Promotions, discounts, and sample giveaway were our strategy, but today it's about communication between customers. Product reviews by influencers are a new way of experiencing products for customers. This means that we should check and update our way of delivering the customer experience. Some of our old ways are worth keeping, but still, we should keep up with changing trends.

 Third, the use of digital technology. The new ABCs of digital talent are AI, Big Data, and Cloud. Collect, analyze, and use customer data in a whole new way. Lots of data means lots of possibilities. It's said that only 1/8 of an iceberg can be seen above water. The rest is hidden below the surface. And, so it is with our business. There are great possibilities that are not yet seen to the eyes, but with the digital technology, we will be able to make full use of them. Digital technology can change the way how we invite customers into store and provide the service they need, for example, product information and recommendation. Of course, it's not easy, but we must see beyond the obvious and change it.

 We started a new business with new brands. Our brilliant, new brands including MakeON, GAONDODAM, OUTRUN, STEADY:D, and Bro&tips are expected to serve as a new channel to engage with customers. Our expansion into the Middle East, Australian and Indian markets must continue. Take up a new approach to new markets. Not only online shops, but ARITAUM and other offline shops must take the lead. And, so does the door-to-door sales channel. Adopt new ways to attract more new customers. Change the display and arrangement of products at retail outlets and sales strategy in a more innovative way. The growth mindset thrives on challenges. Do not doubt, but believe in what we are doing and what we can achieve by taking on new challenges. We cannot tell how a tree would look like when it's only a seed.

 And, a seed surely cannot grow on its own. A grain of wheat remains only a single seed when left alone on the ground, but with the help of soil, water, wind, and sunlight, it produces much grain and yields a harvest. That is what teamwork is all about. We must always work as a team to take on new challenges and make a success out of it. Not alone, but together as a team working toward a common goal, we can grow. A growth mindset and teamwork are what we need in order to succeed in the midst of digital shift around the world.

 There is a Latin phrase that says "ignis aurum probat". It literally means "gold is tempered by fire". Hard rocks found in the mine break into specks of gold. Wash, melt, and put them into a nugget of gold. Only by then, it shows its true worth. But still, it goes through chemical processes to remove impurities and thereby become purified. And the fire is used in the whole course of process. Without blazing fire, it's impossible to temper and purify gold.

 Taking on new challenges is similar to the gold refining process. Challenges are the fire through which we can grow, and with passion and team work, we can work through challenges. We have DNA that enables us to overcome difficulties. Difficulties are the way to success. I know so because that's basically how we have grown into what we are today. Let's work and grow as a team through challenge as gold is refined and purified in the fire. Thank you.