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.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said that its board of directors approved a proposal to subsidize employees’ purchases of TSMC shares by covering 15 percent of investments, the chipmaker’s latest effort to recruit and retain talent. Employees of TSMC and its fully owned subsidiaries would be allowed to allocate 15 to 20 percent of their monthly salary for share purchases, based on a company employee stock purchase plan, the chipmaker told the Taipei Times. The plan is to take effect in August or September, it said. The board also approved the distribution of a cash dividend of NT$2.75 per share for
This week’s undoing of the TerraUSD algorithmic stablecoin and its sister token, Luna, has ramifications for all of crypto. First, there is the immediate impact: The rapid collapse of a once-popular pair of cryptocurrencies sent a ripple effect across the industry, contributing to plummeting coin prices that wiped hundreds of billions of market value from the digital-asset market and stoked worries over the potential fragility of digital-asset ventures. Then there are the knock-on effects. In addition to delivering punishing losses to individual users and investment firms, the spectacular failure of a market darling like Terra threatens to have a cooling effect
PRODUCTION VALUE: The institute said production value of the foundry sector is expected to grow 28 percent this year after TSMC posted record revenue for April The Industrial Technology Research Institute (ITRI, 工研院) yesterday raised its growth forecast for Taiwan’s semiconductor industry, expecting production value to expand about 19.4 percent to NT$4.88 trillion (US$164.24 billion) this year, primarily aided by stronger growth from foundry companies amid a chip crunch. That means the output of Taiwan’s semiconductor industry would again outpace that of its global peers, which collectively are expected to grow 10.4 percent this year, ITRI said. The institute three months ago estimated that the production value of the nation’s semiconductor industry would grow 17.7 percent annually to NT$4.81 trillion this year, compared with NT$4.08 trillion last year. The
Formosa Plastics Corp (台灣塑膠), the flagship entity of Formosa Plastics Group (台塑集團), yesterday said that it would build a new manufacturing site in Texas at a cost of US$207 million. When completed, the plant would have an annual capacity of 100,000 tonnes of alpha olefins, which are used to make high-density polyethylene (HDPE), among other products, the company said. About 63,000 tonnes would be used by Formosa Plastics, while the remaining 37,000 tonnes would be sold on the international market, it said. The projected completion date of the plant is October 2025, and mass production is scheduled for December that year after a