K-Beauty defies seasonal slump with record $980 mn in April exports

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K-Beauty defies seasonal slump with record $980 mn in April exports - Korea Economic Daily

Quick Summary:

KOREA’S TOP 2 BEAUTY GIANTS STAGE A COMEBACKThanks to firm overseas demand, Korea’s top two cosmetics giants reported solid earnings in the first three months of this year after successfully turning around last year on robust global sales.Amorepacific Corp., a flagship cosmetics manufacturing unit under Amorepacific Group, logged 117.7 billion won ($85 million) in operating profit in the January-March period this year, surging 62% from the same period last year.Sales rose 17.1% to 1.07 trillion won over the same period.

Its home care and daily beauty products, specializing in hair care, oral care and body care, also recorded 36.6 billion won in operating profit for the quarter, up 13.7% on-year on sales of 573.3 billion won, up 2.2% across China, Japan and North America.

But in the first quarter of this year, China accounted for 20.0% of Korea’s total cosmetics exports, closely followed by the US at 16.9% and Japan at 10.4%, according to data released by Korea’s Ministry of Food and Drug Safety last month.