Amorepacific ups global presence with Cosrx

The Advanced Snail 96 Mucin Power Essence, featured in Cosrx’s Advanced Snail line, has become an Amazon bestseller in the beauty and personal care sector, testifying to Cosrx's global success. [AMOREPACIFIC GROUP]

Amorepacific Group is set to bring Seoul-based skin care company Cosrx under its wing as a subsidiary.

Following the acquisition of 38.4 percent of Cosrx's shares in 2021, Amorepacific will be obtaining another 288,000 shares for 755.1 billion won ($571 million), bringing their ownership to 93.2 percent.

Established in 2013, Cosrx is a domestic skincare company that caters to sensitive skin.

Gaining momentum with its flagship product lines, the Snail line and the RX line, the company has been solidifying its presence as an emerging global skincare brand.

Notably, the company has consistently achieved a high average growth rate of over 60 percent in the past three years, resulting in sales of 204.4 billion won in 2022.

In the first half of this year alone, the brand has seen a total sale of 190.2 billion won and 71.7 billion won of business profit, demonstrating its increasing competitiveness.

Amorepacific Group appears to have taken notice of the global appeal in Cosrx’s portfolios, as 90 percent of its sales come from overseas, spanning 140 countries.

In particular, the Advanced Snail 96 Mucin Power Essence has made it into the Amazon bestsellers list in the beauty and personal care sector, further solidifying Cosrx's global success, especially in the North American market.

The brand has also proved its digital power by garnering over 2.1 billion hashtags, many of which were due to a TikTok challenge.

Meanwhile, Amorepacific and Cosrx have already showcased their successful partnership by co-developing key products in the RX line after acquiring a portion of the company in 2021, with the products succeeding in the global market.

“We are honored to bring Cosrx in as a vital component of our portfolio. With Amorepacific’s vision and business expertise, we aim to leverage the existing potential of Cosrx, striving to evolve into a more captivating global cosmetic brand that resonates with people worldwide,” Kim seung-hwan, CEO of Amorepacific Group, said.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]