South Korea’s largest cosmetics manufacturer Amore Pacific saw its shares fall nearly 10 percent as an outbreak of Middle East respiratory syndrome (MERS) kept consumers at home and prompted tourists to cancel their trips, according to a report in the Associated Press. Department store sales fell 16.5 percent in the first week of June alone, according to data released by the Ministry of Strategy and Finance.
However, while the domestic market is lackluster, the beauty brand is concentrating its efforts on its global operations, particularly the US market. The company became first Korean company to open a concession in Bloomingdales’ hallowed beauty hall earlier this month.
Having already launched on counters in Neiman Marcus and Bergdorf Goodman, the brand is now well on its way to capturing consumers’ hearts across America.
As reported in Global Cosmetics News, the brand has also diversified with a strategic partnership forged with Parfums Christian Dior (LVMH) allowing the French brand to use its Cushion technology, furthering its goal to become globally recognized for its innovative beauty solutions.