THE WHAT? AmorePacific has entered into a partnership with Alibaba’s product-development unit, Tmall Innovation Center, with the companies having launched the AmorePacific X TMIC Innovation Plant with a view to tailor its products and strategies to the Chinese consumer.
THE DETAILS The deal will see AmorePacific use Alibaba’s insights to better cater to the local market, with the companies having launched the initiative to fast-track the launch of new products using the data.
As part of the collaboration AmorePacific will set up a dedicated R&D team in Hangzhou effective January.
THE WHY? The development is said to be key to helping AmorePacific thrive in the Chinese market.
According to AmorePacific CEO Ahn Sae-hong, “Amore Pacific wants to respond to the rapidly changing Chinese digital market through innovative products developed with TMIC and plans to raise its digital business capabilities to the next level through diverse cooperation such as developing products that lead trends and content to appeal to Chinese customers,” As well as better catering to regional preferences, the collaboration is hoped to enable AmorePacific to shorten its product incubation processes from 18 to six months.