PR Newswire
31 Oct 2023, 05:30 GMT+10
![]() |
SEOUL, South Korea, Oct. 31, 2023 /PRNewswire/ -- Amorepacific has secured a new growth engine in the global market by acquiring additional shares of COSRX. With this further stake acquisition, COSRX will be integrated as a subsidiary of Amorepacific.
Today, Amorepacific announced through the disclosure that it will acquire 288,000 remaining shares held by COSRX's largest shareholder and related parties for 755.1 billion won. In September 2021, Amorepacific had previously acquired 38.4% of COSRX shares. At that time, they were granted a call option to purchase the remaining shares, which they have now decided to exercise. With this, Amorepacific is expected to own 93.2% of COSRX shares.
Founded in 2013, COSRX is a hypoallergenic skincare brand designed for sensitive skin. Centered around the 'Advanced Snail' line and 'The RX' line, it has experienced rapid growth, establishing itself as a rising global skincare titan. The company has shown an average annual sales growth rate of over 60% in the past three years, reporting 204.4 billion won in 2022. This year, in the first half alone, it has achieved 190.2 billion won in sales and 71.7 billion won in operating profit, continuing its sharp growth trend.
Moreover, it has expanded to around 140 countries, including North America, Southeast Asia, Europe, and Japan, with overseas sales accounting for over 90% of its total. Since it entered Amazon in 2018, essential products such as the 'Advanced Snail 96 Mucin Power Essence' have topped the Beauty & Personal Care category, particularly distinguishing itself in the North American market. Additionally, COSRX has been recognized as a brand with exceptional digital communication capabilities, evidenced by its TikTok challenge launched in 2022, which saw over 2.1 billion cumulative hashtag views.
After the equity investment in 2021, both companies co-developed and launched products such as 'The Vitamin C 23 Serum' and 'The Retinol 0.1 Cream' from COSRX's next-generation core line, The RX, achieving success overseas. In this vein, Amorepacific plans to accelerate its global expansion through multifaceted collaboration with COSRX, which boasts strong global competitiveness.
Seunghwan Kim, CEO of Amorepacific Corporation, stated, "We are thrilled that COSRX, which has shown rapid growth through differentiated products and marketing based on an exceptional understanding of digital channels, has become a part of our group." He further revealed, "Moving forward, we aim to amplify COSRX's unique strengths while also integrating Amorepacific's vision and business management expertise to develop it into a captivating brand that global customers will love."
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
Kabul [Afghanistan], July 5 (ANI): A large number of Afghans recently deported from Iran are facing severe challenges, including homelessness,...
Kathmandu [Nepal], July 5 (ANI): The Nagarik Unmukti Party has decided to walk out of the ruling alliance led by Nepal Prime Minister...
Raipur (Chhattisgarh) [India], July 5 (ANI): BJP MP Sudhanshu Trivedi on Saturday slammed Congress MP Rahul Gandhi over his remarks...
Birmingham [UK], July 5 (ANI): Indian skipper Shubman Gill concluded a record-breaking Birmingham Test against England with breathtaking...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...