Amorepacific to strengthen partnership with A.S. Watson

South Korean beauty and cosmetics giant Amorepacific Group announced on Tuesday that it has signed a memorandum of understanding with A.S. Watson Group, a global health and beauty retail company.

Lee Sang-mok, CEO of Amorepacific Group, and Malina Ngai, CEO of A.S. Watson Group Asia & Europe, signed the MOU at Amorepacific Group's headquarters on June 21.

Currently, Amorepacific Group showcases its brands such as Innisfree, Etude, and Mise-en-scène through Watson's global retail platform. Through the latest MOU, both companies have agreed to collaborate for the continuous growth of existing brands and the global expansion of additional brands like Illiyoon and Aestura.

The collaboration will involve sharing market and customer data, joint development of brands, products, and marketing initiatives.

Amorepacific Group expects to present its innovative and differentiated products to more global customers through A.S. Watson Group's extensive retail network.

"This MOU will create synergies based on the strengths and expertise of both companies, enabling effective responses to the diverse needs of global beauty customers," Lee said. 

Ngai expressed great anticipation for further developing the strategic partnership with Amorepacific Group, which started in 2019. "Through this partnership, more global customers will have the opportunity to encounter and experience exceptional beauty products inspired by the beautiful Korean culture," she added.

Established in 1841, A.S. Watson Group is a global retail company operating over 16,000 stores in 28 markets worldwide. With over 130,000 employees, it serves more than 5.5 billion global customers and recorded approximately $22 billion in revenue in 2022.

The company is well known for providing optimized shopping experiences and products for global customers interested in K-beauty. Amorepacific Group has maintained a strategic partnership with A.S. Watson Group since 2019.

Write to Soo-Jung Ha at agatha77@hankyung.com