K beauty giant AmorePacific has announced annual export sales of over $300 million, up 35.2 percent in the like-for-like period, receiving the $300 million Export Tower Award at 54th annual Trade Day in Seoul this week.
Strong sales in the United States offset weaker demand in China due to the THAAD tensions between South Korea and the country, with AmorePacific having shipped $385.35 million worth of beauty products in the period between July 2016 to July 2017.
The company’s export trade has been increasing steadily year-on-year, rising to $100 million in 2013 and hitting the $200 million benchmark last year. The company managed to hit the meteoric rise this year by shifting company focus to the US market in a bid to counteract falling desire from Chinese consumers, which are said to be foregoing Korean beauty products as a result of the strain between the two countries.
Rising sales were also seen in Southeast Asia, while the company also made strides to create a foothold in new markets such as the Middle East and Western Europe.