K Beauty giant AmorePacific is said to be investing in R&D as a way to bolster its lead in the cosmetics market, and is expanding its production and R&D facilities at its Yongin site.
The company is said to be investing 163 million won in its R&D and production facilities at the site, having signed a memorandum of understanding with the Gyeonggi provincial government. The facility will span some 542,000 metres and is set to be completed by 2020 after a two year construction period.
Suh Kyung-bae, AmorePacific President, said, “We will spare no efforts, not only to boost our competitiveness through continuous investment in research and production but also to contribute to the regional economy.”
It will be the third Yongin-based site for the company, and heralds an era of further investment for the company to stay abreast of the industry.