Amorepacific Group, a South Korean beauty and cosmetics conglomerate, has recently announced the formation of a business partnership with PT Mitra Adiperkasa Tbk. MAP is a leading Indonesia-based company that is engaged in the operation of various lifestyle brands retail stores.
The business partnership was formed to expand Amorepacific’s presence in the Asia Pacific region through its global strategic pillar, Indonesia. The signing ceremony of the partnership agreement between Amorepacific and MAP was conducted in the presence of Dong-hyun Bae, the President of Amorepacific and V.P. Sharma, the CEO of MAP. It was held in Jakarta, at the MAP headquarters, in order to provide better access of Korea’s beauty products and brands to local customers in Indonesia, the world’s fourth largest country, across Jakarta, Bali, Bandung, and Surabaya regions.
Under the agreement, various global brands of Amorepacific, including Laneige, Sulwhasoo, and Innisfree will be made available to local customers via MAP’s strong distribution network. It will further add Etude to its brand operation.
Mr. Dong-hyun Bae stated that the company’s partnership with MAP will create a great synergy and high growth potential. He further added that the alliance will help deliver premium services to beauty customers by deploying MAP’s and Amorepacific’s expertise in retail channel.
According to MAP’s CEO, V.P. Sharma, the partnership has strengthened MAP’s global premium brand portfolio. Under this agreement, high performance Korean skincare products will be made available to customers by Amorepacific, to share the legacy of ‘Asian beauty’ across the globe.
Founded in 1945, Amorepacific has been rapidly expanding to promote robust growth by forming strategic alliance with partners in different sectors. For instance, the company has entered partnerships with local retailers across APAC, including Nykaa in India, Lazada in ASEAN, and SM in the Philippines.
Source credit: https://markets.businessinsider.com/news/stocks/amorepacific-group-signs-a-business-partnership-with-map-1028865882