THE WHAT? AmorePacific Group has reported a storming set of second-quarter results, according to a report published by Korea Joonang Daily, well above analyst expectations.
THE DETAILS Net profit increased an impressive 2680.2 percent to KRW142.8 billion as the K-beauty behemoth bounced back from last year’s Covid-crash. Operating profit was up 188.5 percent to KRW104.6 billion while sales rose 10.4 percent to KRW1.3 trillion.
THE WHY? AP saw online sales of luxury cosmetics boom, up almost 100 percent in China and rising 40 percent in Korea. Sales of Innisfree via Amazon in the US and Innisfree and Laneige at Sephora across Europe also helped boost overall growth, Korea Joonang Daily reports.