AmorePacific’s profit plunges as it looks beyond China

AmorePacific’s profit plunges as it looks beyond China

AmorePacific saw its profit plunge 53.3 percent in the second quarter of the current financial year (compared to the previous quarter), according to a report published by Pulse News. The K-beauty giant attributed the drop to a sharp rise in marketing costs as it pursues new markets as interest in China wanes.

Sales were also down, dipping 4 percent to KRW 1.39 trillion over the quarter, although compared to the same period a year ago, sales were up 3.7 percent, thanks to both a rise in domestic and overseas sales.

In Asia, sales were up 6 percent year-on-year and the K-beauty behemoth also saw impressive sales growth in North America (+54 percent), however, European sales were down 23 percent, attributed to the relaunch of Goutal Paris and a drop in demand.

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