South Korean skincare company AmorePacific plans to open at least 300 stores in China this year to capture a bigger share of China’s booming beauty market, which grew by 29 percent between 2009 and 2014.
Despite having 2,335 points of sale in the country already, AmorePacific, the owner of brands including Laneige, Sulwhasoo, and Etude, controls only 2.1 percent of the Chinese beauty market, according to Inside Retail Asia.
The company hopes to achieve a 30 percent increase in sales in China in 2015 by expanding its network of stores by around 15 percent, equating to 300 to 350 new stores.
In 2014, AmorePacific’s China sales grew 21 percent to $4.3 billion, making it the brand’s largest market outside of South Korea. Analysts predict that China could account for 30 percent of group sales by 2020, up from 8.6 percent in 2013.
China’s rising middle class and the popularity of Korean pop culture in China has driven the company’s meteoric growth.
image credit: laneige