Edition No. 10. Dreaming of a Great Dream Toward the Global Market
In July 1960, Amorepacific founder Jangwon Suh Sung-whan left to visit Europe for 40 days at the invite from Coty in France. It was only a decade since Korea experienced the Korean War and it was natural that he hesitated at the thought of having to leave his family and employees for a long time. But he believed that a visit to France – home of cosmetics and a country equipped with advanced cosmetics facilities – was a matter of course as the CEO of a cosmetics company. He visited Coty's factory in Paris and spent meaningful time in the city being appointed as an honorary citizen of Paris at the invite to the official Bastille Day event. The founder also experienced many flower farms, something that was hard to find in Korea, and their fragrance at the end of his nose in Grasse, the heart of French perfume industry located in the south of France. Suh Sung-whan looked toward a new milestone as an entrepreneur pursuing to find a path of beauty by making what he saw and experienced during the 40 days of visit in Europe into something that is ours.
In August 1964, for the first time in Korean history, we exported our Korean-made cosmetics. About 20 products of the Oscar line of then-Pacific Chemicals was exported to Ethiopia. This export was only a few hundred dollars and ended as a one-off export, but it was an important and significant milestone in the history of Pacific Corporation. Export to Thailand a few years later in 1970 amounted to USD 120,000 combining both cosmetics and ginseng extract, opening the doors to export. And in the following year, we exported products to Thailand as well as Borneo, Hong Kong, and Japan, and in 1973, expanded to reach Europe such as West Germany as well as the US.
More time passed and in March 2013, Amorepacific received the 'USD 100 million export tower' at the 50th Trade Day ceremony held at Coex, Samseong-dong, Seoul. The award was given to companies that recorded export performance above a certain level (by USD) and Amorepacific was the first Korean beauty company to receive the award. Basic cosmetics products accounted for 90% of total export and the company mostly exported to China, Hong Kong, and the US, in that order. In the first half of 2013, exports to Thailand, Japan, and Singapore showed a steep growth rate of 400% compared to the previous year, continuing its beautiful communication with customers worldwide.
In August 2015, Amorepacific was proudly selected as the 28th in the World's Most Innovative Companies list by the American business magazine Forbes. The magazine assesses companies worldwide every year and announces 100 most innovative companies. Amorepacific was recognized for its innovative technology of the 'Cushion product' including IOPE Air Cushion, which was first unveiled in 2008, and had the honor of being selected as one of the most innovative companies by Forbes. In the following year in 2016, Amorepacific surprised the world once again. It ranked 7th in the Beauty's Top 100 announced by the American beauty and fashion journal Women's Wear Daily.
In 2019, Amorepacific continued to invest in overseas market to build a future growth foundation despite challenging environment and achieved the outcome of KRW 2 trillion in global sales for the first time since the company's establishment. Amorepacific continues to this day its history of communicating with customers worldwide through beauty by pursuing innovative products and relentless new attempts with a customer-centric value.