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.
COMPETITION: AMD, Intel and Qualcomm are unveiling new laptop and desktop parts in Las Vegas, arguing their technologies provide the best performance for AI workloads Advanced Micro Devices Inc (AMD), the second-biggest maker of computer processors, said its chips are to be used by Dell Technologies Inc for the first time in PCs sold to businesses. The chipmaker unveiled new processors it says would make AMD-based PCs the best at running artificial intelligence (AI) software. Dell has decided to use the chips in some of its computers aimed at business customers, AMD executives said at CES in Las Vegas on Monday. Dell’s embrace of AMD for corporate PCs — it already uses the chipmaker for consumer devices — is another blow for Intel Corp as the company
ADVANCED: Previously, Taiwanese chip companies were restricted from building overseas fabs with technology less than two generations behind domestic factories Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp, would no longer be restricted from investing in next-generation 2-nanometer chip production in the US, the Ministry of Economic Affairs said yesterday. However, the ministry added that the world’s biggest contract chipmaker would not be making any reckless decisions, given the weight of its up to US$30 billion investment. To safeguard Taiwan’s chip technology advantages, the government has barred local chipmakers from making chips using more advanced technologies at their overseas factories, in China particularly. Chipmakers were previously only allowed to produce chips using less advanced technologies, specifically
MediaTek Inc (聯發科) yesterday said it is teaming up with Nvidia Corp to develop a new chip for artificial intelligence (AI) supercomputers that uses architecture licensed from Arm Holdings PLC. The new product is targeting AI researchers, data scientists and students rather than the mass PC market, the company said. The announcement comes as MediaTek makes efforts to add AI capabilities to its Dimensity chips for smartphones and tablets, Genio family for the Internet of Things devices, Pentonic series of smart TVs, Kompanio line of Arm-based Chromebooks, along with the Dimensity auto platform for vehicles. MeidaTek, the world’s largest chip designer for smartphones
TECH PULL: Electronics heavyweights also attracted strong buying ahead of the CES, analysts said. Meanwhile, Asian markets were mixed amid Trump’s incoming presidency Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares yesterday closed at a new high in the wake of a rally among tech stocks on Wall Street on Friday, moving the TAIEX sharply higher by more than 600 points. TSMC, the most heavily weighted stock in the TAIEX, rose 4.65 percent to close at a new high of NT$1,125, boosting its market value to NT$29.17 trillion (US$888 billion) and contributing about 400 points to the TAIEX’s rise. The TAIEX ended up 639.41 points, or 2.79 percent, at 23,547.71. Turnover totaled NT$406.478 billion, Taiwan Stock Exchange data showed. The surge in TSMC follows a positive performance
RSS