Amorepacific CEO Ahn Se-heong (left) and China Duty Free Group President Charles Chen attend the partnership agreement signing ceremony held virtually on Tuesday. [Photo provided by Amorepacific Corp.]
South Korea’s cosmetics giant Amorepacific Corp. has strengthened its partnership with China Duty Free Group (CDFG) for greater access in the Chinese travel retail market, especially in southern resort island Hainan.
Amorepacific said Wednesday that it signed a strategic partnership agreement with CDFG, China’s largest travel retailer, to strengthen their business ties and collaborate on building a stronger foothold in Hainan, a popular tropical resort island in the south of China.
The two firms have been closely working in the Chinese travel retail market since 2010. Currently, the Korean cosmetics firm runs over 80 outlets within CDFG’s duty-free shops in China.
Through the latest partnership, the two companies will work together on expanding sales in Hainan duty-free shop market and enhancing digital transformation.
China is one of the most important markets for the Korean cosmetics giant, accounting for about a quarter of total revenue.
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