The recent coronavirus (covid-19) outbreak has caused a lot of worry for everyone. Please, take extra care of yourself, your health and personal hygiene everyday. Taking preventive steps alone makes a big difference, through which I am sure that we will be able to overcome the coronavirus crisis.

 Think more deeply about what is going on around us and what it means to us. In the long run, the current state of affairs will further accelerate the Industry 4.0 and digital transformation. Virtual reality will soon become an actuality, faster than anything we have ever imagined. Various digital technologies and platforms, such as social media, the cloud, AI and the blockchain, will hasten the integration of virtual reality into everyday life. We at Amorepacific Group must concentrate all of our effort into Digitalization and Digital Transformation . That is the only way forward. We must build our destiny or else others will dictate our future. Take this crisis and all the challenges we are currently facing as an opportunity for going digital and go for it.

 Last week, I saw BTS performing their new song ON, and it really left a great impression on me. I was especially impressed that they performed at Grand Central Terminal in New York City. I watched it in awe, unbelieving what I was seeing. I thought to myself this could be a once-in-a-lifetime experience. Grand Central Terminal is a historic landmark in New York City, the very heart of the U.S., and that made me proud to see BTS going into an area that was once thought of as being off-limits to non-English speaking artists. I am also expecting to see an equally great performance from our great brands, our innovative products and exceptional, enterprising talent reaching every corner of the world. I dream of a more beautiful world created by our Asian Beauty Creators and believe that my dream will come true.

 For that to happen though, we must continue to make small bets . Taking small steps is important. IOPE Retinol 2500, Sulwhasoo First Care Activating Serum and other innovative products that have made us what we are today emerged from small ideas to overcome the 1997 Korean financial crisis. Small ideas to address inconveniences in response to the voice of customers were the seeds from which we grew and made a success. We put our all-out effort into improving every aspect of what we do: ideas turned into countless experiments; marketing experiments to more effectively deliver our message to customers; and sales experiments to improve how we deliver our products and services. Production was no exception. We developed a new tube to prevent oxidation of a product when it comes into contact with the air and did many other experiments to bring new products into the market for pre-toner and pre-lotion steps of daily skincare routine. This Test and Learn process was repeated beyond count. Keep in mind that our innovative products were not made according to any kind of big plan or with grandiose ambition. Instead, they emerged from small ideas and a willingness to do the best with a focused mindset.

 It was also innovative products that helped us ride out the 2008 global financial crisis. Our game-changing Air Cushion sprang up during a casual meeting after lunch. There was a talk about making cosmetics easier to use, and we drew an idea from a parking stamp. This small idea was then put into action. We went all around tool shops along Cheonggyecheon Stream, Seoul and made a prototype. At first, the puff did not soak up the foundation, and we had to knead manually it until it was finally absorbed. Though there were many other troubles on the way, we kept going and at last, the final product came through. We proudly brought it to the market, but it did not sell well, and we struggled in the beginning. We tried to sell it via home shopping TV channels and sometimes, we had to make a hard decision to dispose of unsold inventories. Marketing wasn't easy either because the cushion foundation was new to the market and to the customers. We had to change marketing phrases many times. Air Cushion was not big in its beginning. However, it grew great because we put in such a spirited effort. Every time we faced a difficulty, we fought through it together. This power of overcoming difficulties, it is in our DNA. We have grown stronger through each crisis, and again we will tide over this crisis we are facing now through our strong will and absolute commitment to do our best.

 We also aim to establish a Lifelong Learning Center . Through this system, we will all be able to immerse ourselves in a culture of lifelong learning. Lifelong learning is the key to lifelong personal growth and career, and this is the virtuous circle for which we aim. In the short term, we will focus on developing competencies, such as e digital, sales and job skills and design thinking. In the long term, we will help each member continue lifelong learning, personal growth and career development through learning-by-doing in their jobs and tasks. I will take the lead in creating this forward-looking culture with the Lifelong Learning Center at the forefront of the new drive. I want you all to take also have an active part in it.

 Don't be afraid of failure when you work; instead, welcome it with open arms. Failure is a critical asset to make future success. Ultimately, keep failing leads to success. It is better to try and fail than not to try at all. Being afraid of, or even avoiding, failure does not get you anywhere. Only through the lows will we be able to find the highs. Try new things and do new experiments. If we don't try, we will learn nothing.

 I personally believe that the will is more important than the skill . Having a great skill set is important, but having a strong will is much more critical. With the will to change, we can try new things and find new opportunities to learn and grow. Every great thing starts with small steps, small changes. I want you all to take this step and make a change. Exciting Changes!

P.S. I would like to thank every member of our Digital Strategy Unit who has coordinated our work-from-system and the Coronavirus Control Room staff who are working hard even on the weekends to cope with the coronavirus (covid-19) situation. We have the power to overcome this crisis. Let's fight it off and welcome the coming spring. Thank you.