AmorePacific Group, the biggest skincare and cosmetics company in terms of sales in South Korea, is accelerating its expansion in Taiwan this year, focusing on boosting its organic skincare and cosmetics brand, Innisfree, in Taipei.
The group on Friday launched its second outlet in Taiwan under the Innisfree brand, in Taipei’s east district shopping zone, with the group investing about NT$10 million (US$332,780).
The new store is the brand’s flagship outlet in Taiwan, opened about two months after the group opened its first Innisfree outlet in the nation.
“The sales performance of the first outlet has been stronger than expected, leading the group to speed up its expansion in Taiwan,” the brand said in a statement on Thursday.
Innisfree saw daily sales at its first outlet average between NT$180,000 and NT$250,000 over the past two months, 50 percent higher than the parent company had expectated, the statement said.
SECOND BEST
The average was the second-highest average sales per unit area among the brand’s nearly 1,000 outlets globally, it said.
Average customer spending was between NT$800 and NT$1,000, which translates to three or four products purchased by each customer, the statement said.
The group expects the brand’s total sales in Taiwan to double or triple from current levels following the launch of the flagship store.
In addition, AmorePacific is set to open the brand’s third Innisfree outlet in the nation by the end of this year in Taipei, with an aim to make Innisfree the biggest South Korean skincare and cosmetics brand in Taiwan in terms of market share.
Innisfree made NT$9.5 billion in revenue last year, accounting for about 7 percent of the overall sales AmorePacific made, company data showed.
AmorePacific aims to grow Innisfree revenue by 47 percent this year to NT$14 billion, as it plans to launch a total of 60 new outlets outside South Korea, including in Taiwan, China, Hong Kong and Singapore.
Currently, overseas sales account for about 20 percent of overall revenue, according to company statistics.
1989 ENTRY
AmorePacific made its entry in Taiwan in 1989 selling products through a joint venture under two brands — Laneige and Iope. Iope is a cosmeceutical brand that targets customers in their mid-20s to mid-30s.
As a result of Laneige’s great success, the group established a separate, wholly owned subsidiary in Taiwan in 2004 and introduced various brands in the market in succession, including a herbal medicinal brand, Sulwhasoo.
Laneige currently operates 22 counters in major department stores in the nation, including Shin Kong Mitsukoshi Department Store Co (新光三越百貨), Pacific Sogo Department Stores Co (太平洋崇光百貨) and Far Eastern Department Stores (遠東百貨).
The Sulwhasoon brand has three counters nationwide.
This story has been updated on June 3 since it was first published.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last