Amore Pacific: sales down but earnings up in fourth quarter

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 PacificThe 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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Featured Photo: © Sulwhasoo

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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