The size of the world is proportional to the size of your thought. The broader the area you envision, the bigger the stage on which you can realize your potential through challenge. The continued growth of AMOREPACIFIC in the global market would have been impossible without the insight and experience it has long built up abroad and the systematic strategic direction it has continually set. We met Kim Young-jin, who looks at the world in a wider perspective and suggests clear strategies to realize visions earlier, and listened to him about the direction AMOREPACIFIC should take in 2016.

Last year, AMOREPACIFIC posted solid results with a high growth rate in the global market. This achievement is more noticeable as it was achieved amidst the middle of substantial challenges, including the MERS crisis in Korea and the increasingly fierce competition raging between global brands and local brands. This year, AMOREPACIFIC plans to lay the foundation to attain revenue of 12 trillion Korean won, with over 50 percent of revenue from overseas by 2020. The company has established business policies and strategic directions that form a compass to guide us to our 2020 Vision.

"Our business policy slogan for 2016 is "Together, We Can." The slogan has not changed from the one last year, but the scope of "We" in the slogan has extended from internal employees to all members of the ecosystem. The strategic directions are the core areas AMOREPACIFIC must focus on, which have been set by reflecting the business results from last year and the changes we expect in the business environment this year."

The six strategic directions are: "global expansion," "digital leadership," "advancement of retails," "future management innovation," "establishment of quality management" and "talent management." These are this year's core tasks which AMOREPACIFIC will focus on to make a move toward a Great Global Brand Company.

The first strategic direction – "global expansion" – is an essential factor in attaining our 2020 Vision. Under this strategic direction, AMOREPACIFIC will reinforce its strengths and improve its weaknesses in the global market by performing aggressive marketing and business expansion. For this, the company plans to pursue boosting its growth in China and Asia, where it has successfully grown so far, while making inroads into Western and advanced markets, including the Middle East and Latin America. Furthermore, it will develop new markets, particularly in fast-growing mega cities.

"I expect that AMOREPACIFIC brands will be able to meet more global customers in 2016. We will reinforce our global champion brands – Sulwhasoo, LANEIGE, and innisfree – to boost our penetration into global markets, while expanding the business foundations for Mamonde and ETUDE HOUSE by reorganizing these brands. We are also preparing for the successful establishment of our next global brands – IOPE, AMOREPACIFIC and Ryo – in their existing markets and the overseas expansion of some brands that have shown solid results in Korea – HERA and AMOS.

The global and domestic markets are both currently facing challenges, such as low growth and sluggish exports. Despite increasingly worsening market circumstances, however, Kim says we don't need to be frustrated.

"The Chinese economy is still growing although its growth has slowed, and there are still many business areas we have not entered yet. If we implement differentiated strategies through more specialized analyses and exploration, we will be able to penetrate the market before our competition does."

The performance in the Asian market, including China, is our main driver for the global expansion of AMOREPACIFIC and it is the single most important factor that will determine whether to be able to attain the company's vision. Despite the worsening Chinese economy and the many uncertainties that we face in Asia, AMOREPACIFIC will strive to improve sales of each store through innovative products and services, while continuing its growth trend in the Asian market by opening new stores based on principles.

Developing new markets is essential in global business. AMOREPACIFIC plans to launch its brands in Dubai in the second half of this year, starting its business in the Middle East in earnest, and putting into action its plan to enter new markets such as Latin America and Australia. It also plans to bolster growth in North America by launching in Canada and promoting Asian Beauty in newly developed markets.

AMOREPACIFIC will also invest heavily in building its presence in Asian mega cities where middle- and upper-class customers with enormous purchase power gather. It will expand its brands across existing markets such as Singapore, Malaysia and Thailand, and expand its business throughout mega cities in countries such as Vietnam, Indonesia and Philippines.

The global paradigm is now shifting toward Asia. This year is essential for AMOREPACIFIC to become a company that leads Asian Beauty. If penetrating into the global market is like a voyage, then the business policies and strategic directions are like lighthouses lighting our way. That's because it's our clear business policies and strategic directions which keep us steady amid uncertain market conditions.

"If our business policies and strategic directions are lighthouses guiding us on our way, then it's for members of AMOREPACIFIC to make the voyage. When we form a consensus that the lighthouses will guide us in the right direction and make all-out efforts in our respective position with a vocation, we will be able to grow and evolve together."

The global market is the destination for AMOREPACIFIC. If we can properly understand global cultures, study customers in depth and follow the guide of our business policies and strategic directions, we will not only attain our Vision 2020, but also make a leap toward becoming a Great Global Brand Company that continues to raise its brand value in the global market.