Amorepacific : Holds New Year Opening Ceremony for 2022

Amorepacific Group Holds New Year Opening Ceremony for 2022 Company2022-01-03

• Chairman Suh Kyung-Bae stressed introducing 'New Beauty' customers in the new era want
• Three strategies - strong brand, digital transformation, and business innovation - were emphasized during the opening ceremony

Suh Kyung-Bae, Chairman of Amorepacific Group stressed "introducing 'New Beauty' customers in the new era want" during 2022 New Year opening cremony.

Amorepacific Group held a New Year opening cremoney for 2022 online on 3rd of January (Mon.). Chairman Suh said, "New Beauty that we are introducing represents a new paradigm of beauty that values the unique beauty that each one of us has and focuses on its potential" in a New Year's video message. "We will expand our business beyond the realm of traditional beauty to 'Life Beauty' that encompasses our day-to-day life and capitalize on 'digital' technology to offer personalized beauty that best suits each individual," he said. "All this will be pursued with active 'empathy' for our customers and the world at the center."

To this end, Amorepacific Group established a management policy of 'Winning Together' for this year and plans to implement three strategies: 'Strong Brand,' 'Digital Transformation,' and 'Business Innovation.' In this regard, Chairman Suh presented major goals to achieve by saying, "We need to focus on these three strategies this year to lead New Beauty's journey to success."

First of all, to complete building a strong brand, "We need to clarify our brand value and focus on building engine products that will drive a growth and fully understand and nimbly respond to what customers want based on data while expanding into promising business areas such as Derma and Wellness," said Mr. Suh.

Regarding digital transformation, "We need to develop a bond with Gen MZ (Millennials and Generation Z) and build a strong fandom by making commerce, content, and community in the digital world easy and interesting," said Mr. Suh. "Digital technology will be an enabler for us to innovate offline channels including door to door sales for improvement in competitiveness. Another urgent task upon us is to lay the foundation for future growths such as customized and digital solutions."

"We need to drastically reduce products which are out of sync with the times, optimize inventory management based on data to identify and improve inefficiency across business for profitable growths," said Mr. Suh with regard to business innovation. He also emphasized that "We must take responsibility for fundamental changes that will ensure the health and well-being of all in the corporate ecosystem through implementation of 2030 A MORE Beautiful Promise."

"Let us remember that the future is not built with the experiences from the past but with the 'aspiration of today.' Amorepacific needs to become a brand company which is second to none and our business should be reorganized in the direction that customers expect us to go. Let us boldly get rid of the inertia of the past and accelerate the implementation of new initiatives," said Chairman Suh by closing his remarks.

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