The Korean beauty specialist underperformed in China and in its domestic market. But its brands, such as laneige, were popular in Europe, the Middle East and the Americas.
Hot and cold for Amore Pacific… The Korean cosmetics specialist, owner of premium brands such as laneige, posted both a 14.9% drop in sales to 926.05 billion won ($690 million) and a 55.5% rise in annual net income to 38.23 billion won ($30 million) in the fourth quarter, ending December 2023.
But while analysts were expecting revenues of 952.7 billion won ($0.71 million), the stock market saw the glass as half full. As a result, Amorepacific shares fell by almost 10% in the wake of the announcement made at the end of January.
A sluggish Chinese market
The Chinese market, which accounts for around half of Amore Pacific’s Asian business (excluding South Korea), was the main drag on the performance of the specialist and its Foreign department, which was hit by “a sharp operating loss”.
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