South Korean cosmetic company Amorepacific aims to tap into the Chinese market in a big way as the country”s beauty sector has demonstrated two key trends in high-end products and mass market products, a senior executive said.
Mike Hwang, president of Amorepacific’s China branch, told China Daily that “China has always been one of the company’s most important markets, and we remain confident in the growth and development of the Chinese economy.”
According to him, Amorepacific has been deeply rooted in China for more than 30 years, and will take three core strategies of “consumer-centric product innovation”, “continuous digital transformation” and “future-oriented sustainable development”.
“Through the three core strategies, we aim to better understand the changing needs of Chinese consumers and connect with them through digitalization,” Hwang said.
The company is attending the China International Import Expo in Shanghai for the sixth time. It is showcasing more than 800 exhibits from its six main brands, and this includes the debut of more than 10 brand new products.
“The beauty and personal care sector is expected to recover thanks to gradual rebounding consumer confidence and consumers’ pursuit of holistic wellbeing. The vitality and great potential for the Chinese consumer market assures us a brighter outlook of Chinese economy,” Hwang said.
According to him, in recent years, China’s beauty sector has demonstrated two key trends in high-end product and mass market product. High-end goods are mostly functional, high-tech items with an emphasis on technology and efficacy.
“The functional skin care market is quickly expanding, the categories are further segmented, from basic skin care to refined skin care,” Hwang added.
Meanwhile, the mass market products have not only continued to advance in terms of quality and cost performance in comparison to the past, but many popular products that lead fashion trends, the senior executive said.
“Simultaneously, we find that green beauty products are quickly becoming one of the most important development trends in the beauty industry.”
“In the future, we will continue to listen to the needs of Chinese consumers and meet their aspirations for a better life through brand renewal, product upgrades and digital transformation,” Hwang added.
