SOUTH KOREA/CHINA. South Korean beauty giant Amorepacific and leading Chinese travel retailer China Duty Free Group (CDFG) have struck a strategic business partnership.
The deal was officially signed through a virtual ceremony on 13 October. It was attended by Amorepacific President Saehong Ahn, CDFG President Charles Chen, CDFG Vice President Zhao Feng, Amorepacific Senior Vice President of Global Travel Retail Division David Park, and CDFG Vice President of Central Merchandising Division Terry Chua.
CDFG has been a Diamond Partner of the inaugural Moodie Davitt Virtual Travel Retail Expo this week, with Charles Chen delivering a star turn keynote interview on Monday.
Amorepacific said that the partnership was driven by the high growth potential of China’s domestic travel retail industry, which helped CDFG top global travel retail sales in the first half of 2020.
The partnership will expand the presence of Amorepacific’s brands across CDFG’s retail network, particularly in Hainan province. It will also drive significant investment into the marketing and digital transformation of Amorepacific’s brands with CDFG. The partners have also committed to support each other’s mutual growth amid a rapidly changing market.
“Amorepacific is keenly observing the rapidly changing travel retail market and lifestyle of travel retail customers all around the world,”commented Amorepacific President Saehong Ahn. “Thus, it is responding in both online and offline retail channels to provide the best quality service and product.
“This partnership with leading global travel retailer CDFG will help us better understand Chinese customers, boost synergy between both companies and raise our brand awareness in the Chinese travel retail market with strong growth potential.”
“We are delighted to enter into our strategic partnership with Korea’s number one beauty company Amorepacific,” added CDFG President Charles Chen. “We are pathfinders in the Chinese travel retail industry and in particular, through close cooperation with Amorepacific over the past ten years for Hainan tourism and economic development, we have grown into the largest travel retailer in China and a leader in the global travel retail industry.
“We are looking forward to continuing our strong partnership with Amorepacific for better customer experience in the field of beauty and lifestyle.”
Amorepacific has focused on expanding its presence in travel retail particularly for its Sulwhasoo, Laneige and Innisfree brands, which are now present in over 440 travel retail stores. Amorepacific first opened a Laneige store with CDFG in 2010 and has since maintained a strong collaborative relationship with the retailer. Amorepacific’s Sulwhasoo, Laneige, Innisfree and Primera brands are currently present in 80 CDFG stores.
