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Amorepacific: Global Roadmap Amorepacific: Global Roadmap Jaeyong Song Professor, Graduate School of Business, Seoul National University [email protected] Hyejun Kim Master’s candidate, College of Business Administration, Seoul National University [email protected] Written in 2010.6.30. 1 Amorepacific: Global Roadmap If we want to grow faster, we have to grow outside the Korean market.1 - Kyung-Bae Suh, CEO Announcing Vision 2015, Kyung-Bae Suh, CEO of Amorepacific, declared his ambition to make the company one of the top 10 beauty companies in the world by 2015. The year 2015 will be the 70th anniversary for the company since its establishment. The founder, Sung- Whan Suh, built the largest cosmetic company in the country out of a small camellia oil store, and his son and current CEO, Kyung-Bae Suh, succeeded and elevated the company to a much bigger firm that generates annual sales of 1.5 trillion KRW (2009) only in the cosmetics business. But he was looking even further. Under the slogan Asian Beauty Creator, he had ambitions of making the company as highly acknowledged as global cosmetics companies such as L’Oreal and P&G. Throughout its history, Amorepacific has seen a steady growth in the domestic market. Its sales almost tripled from 690 billion KRW in 1997 to 1.8 trillion KRW in 2009. (Exhibit 1 Sales trend for the last 5 years) The achievement was attributed to the firm’s organic growth over 10% every year, supported by the consistent investment in its brand and technology. But the growth was certain to be limited when bounded in the domestic market. In the Korean cosmetics market, the company has secured the first place for decades, maintaining its market share at around 40%. In order to grow further, it was inevitable for the company to expand outside the local market. Although driven with such an ambition, international expansion was not easy. Learning from numerous failures in the past, the company is now setting its foot on the global market. AMOREPACIFIC, its representative global brand, finally placed its stores in the prestige department stores in New York, and the perfume brand, Lolita Lempicka, successfully settled in the highly competitive French fragrance market. In China, Laneige, another skincare and make-up brand, is gaining in popularity among young women in big cities. The popularity of the brand in China brings a positive effect to even other Asian countries nearby. However, to reach sales to 5 trillion KRW with 10 megabrands as stated in “Vision 2015”, Amorepacific has various problems to solve. Only 10% of its sales from overseas operations and its brands are little known outside South Korea, compared to other global firms. The company’s strong faith on organic growth is another issue. Since many other global competitors are aggressively pursuing expansion through M&As and joint ventures, whether to open the door for inorganic growth options or to maintain to grow independently as originally pursued is not an easy question. It is also becoming more important to transfer knowledge between local subsidiaries, as it expands overseas. And above all, basic concerns regarding the roles, performances, and future objectives of each markets into which it ventured should be reexamined. It is time to look into its overall global roadmap and plan out another reap for growth. 2 I. Growth and Crisis at Domestic Market 1. Local Growth Drivers Suh Sung-Whan, the founder, took over a family cosmetic business started by his mother who sold camellia-based hair oils and facial creams in Gaesung in the 1930s and established Amorepacific (former Pacific Chemical Industry) in 1945.2 He expanded the cosmetics business followed by a huge success of the new product ‘Melody Cream’ in 1948. Sustaining growth with a steady launch of new products, Amorepacific has been controlling about 40% of Korean cosmetic market. (Exhibit 2 Domestic market share trend) As presented in the founding philosophy- ‘contributing to humanity by providing beauty and health through technology and heartfelt devotion’, Amorepacific has endeavored at research and development activities since its establishment.3 The company was the first in Korean cosmetics industry that hired scientists and formed a research team which has now become the Amore R&D Center. Today, over 330 scientists are devoting themselves to researches in the basic area of dermatology and obesity: anti-aging, whitening, moisturizing, weight control, and cellulite reduction. Over 200 patents are applied annually by the research center, and its new products, which employ its new technologies, count more than 1,000 items.4 (Exhibit 3 Information on major patents) It has also consistently invested 3% of total sales in R&D activities. (Exhibit 4 R&D investment of major cosmetic companies) To complement its insufficient internal technology, it has actively cooperated with external sources of technology as well. It allied with Coty(France) in 1959 and Shiseido(Japan) in 1964. The university with brilliant scientists and accumulated experiences was also considered to be an external source of technology. The company has long participated in the joint dermatological research not only with top Korean medical schools such as Seoul National University, Yonsei University, and Kyung Hee University(College of Oriental Medicine) but also with international medical schools such as University of Michigan(US) over 10 years for anti-aging and Beijing University(China) regarding whitening.5 High quality products supported by active R&D investments were exploited by the innovation in distribution channel. In 1964, Amorepacific launched ‘Amore’, a brand developed exclusively for door-to-door sales, and established a nation-wide sales network, educating and training sales representatives. Its sales representatives, called ‘Amore Ladies’, are present all over the country and has made good use of their networks and customized services, pioneering 30~60% of sales growth for 15 years since the company adopted the door-to-door selling.6 Since this innovative channel was hard to imitate, it still remains as a core distribution channel for the company. In 2009, about 32,000 beauty consultants are actively selling the products with up-to-date supporting systems such as CRM with PDA, and their contribution to total sales accounts for 39%. (Exhibit 5 Domestic sales breakdown by channel) 3 2. Restructuring Amorepacific became a public company through IPO in 1973, and started to expand. Especially in the 1980s when most of Korean conglomerates pursued diversification, Amorepacific entered various industries including fashion, security, insurance, and even baseball team. The aggressive and incongruous expansion, however, soon brought about a financial crisis within the company, straining even the company’s mainstay cosmetics business.7 Keeping in mind his father’s advice that the company focus on cosmetics, current CEO Suh launched an intensive restructuring program. 8 He slashed most of its unrelated businesses except the core, beauty and health business. In 1991, he sold off its financial businesses (Pacific Securities, Pacific Economic Research Institute, Pacific Investment) to SK group and merged its electronics-related subsidiaries (Pacific Electronics, Pan-Pacific Company, Pacific Systems).9 Its baseball team, Pacific Dolphins, was sold to Hyundai Group in 1995, and its women’s basketball team was sold to Shinsegae in 1997.10 After additional sell-offs including fashion, publication, life insurance, communication, and information technology business, its 24 affiliates were reduced to 10 in 2001. As of 2010, Amorepacific has only 10 affiliates, 1 for holding company, 4 for cosmetic manufacturing and sales, 1 for pharmaceuticals, 1 for green tea plantation, and the remaining for packaging. (Exhibit 6 Affiliated firms) The aggressive restructuring not only helped the company overcome the Asian financial crisis in the late 1990s, but also provided a sound financial ground for further growth. For the last 10 years, its annual operation income was maintained at 15~20% of total sales, increasing proportionally as its sales increased. (Exhibit 7 Financial performance trend in domestic market) 3. Building Brand Portfolio Along with the restructuring program, Amorepacific also devoted itself to gain competitiveness in the cosmetics industry. Most importantly, it focused on expanding its brand portfolio, introducing various new brands and products targeting a diverse range of customers. In addition to its established brand, Amore, it launched ‘Mamonde’ in 1991, targeting the mass market. It also introduced ‘Laneige’ in 1994 for relatively younger customers, followed by ‘Hera’ in 1995 with higher quality and price. ‘Iope’, the first Korean cosmeceutical brand introduced in 1996, pioneered a new era and recorded the best seller for the launching year. ‘Sulwhasoo’, a premium line which contains oriental medicine ingredients like ginseng, was launched in 1997 and recorded sales of 500 million KRW in 2008 for the first time in Korea. The brand was created to compete directly with global companies in every perspective including quality, brand image, distribution channel, and price. On the other hand, the company introduced Innisfree to cope with the domestic low- priced competitors, AMOREPACIFIC and Lolita Lempicka for the overseas market, and 4 Hannule for the growing herbal medicine cosmetic market. At present, more than 10 cosmetic brands are held by Amorepacific. (Exhibit 8 Brand portfolio) 4. Motivations to Globalize11 In 1986, the South Korean government liberalized the trade, removing tariff barriers for foreign cosmetics products. Global companies such as L’Oreal and P&G began to introduce high-end products with their refined brand images through department stores. Although Amorepacific could maintain its position based on its diversified portfolio, foreign products began to control over 30% of the domestic cosmetics market. Despite fierce competition, the size of Korean cosmetics market was not growing. There was no way for Amorepacific to avoid competition with global players. Besides competition, there were plenty of reasons to look further to overseas market.
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