Beauty company AmorePacific Corporation has been ranked in Forbes annual list of The World’s Most Innovative Companies 2015. 

It was the first time AmorePacific has been ranked, placed at 28th on the list. According to Forbes, “After the company released the cushion foundation in 2008, its competitors started launching the copycat products. The success made its Chairman Suh Kyung-bae the second richest man in Korea.”

The company garnered success in the 10 Most Innovative Companies in Asia 2015 list too, which was published the same day. AmorePacific took 7th place, however, it was beauty giant Unilever Indonesia that trumped the lot, topping the charts in the number one slot. 

Forbes decided the ranking by evaluating the innovation ability based on the innovative premium solutions developed by Credit Suisse.