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AmorePacific reportedly inked a business deal with Kakao Group. It was agreed that the cosmetic manufacturer would sell its products on the Internet and technology firm’s KakaoTalk mobile messenger platform.
The companies will work closely and create various business opportunities that both of them will benefit from. They also agreed to carry out highly developed data-driven marketing activities using commerce and advertising platforms.
Likewise, they are expected to cooperate in a number of joint projects via KakaoTalk's ads sections, including the KakaoTalk Shopping Live and KakaoTalk Gift. The Korea Times reported that the contract signing ceremony between AmorePacific and Kakao was held at the former’s headquarters located in Seoul.
"The collaboration with Kakao, which provides various services throughout our daily lives on its platform, will be of great help to AmorePacific which aims to expand its business into the lifestyle and cosmetics sectors utilizing digital technology," Kim Seung Hwan, AmorePacific’s chief executive officer, said in a statement.
Kakao’s chief, Hong Eun Taek, also commented, "As it is the first business agreement to integrate commerce and advertising between the two companies, we will work closely to create results in various areas and create an exemplary case for Kakao and AmorePacific to pursue mutual growth."
AmorePacific’s goal for the collaboration with Kakao is to expand brand sales opportunities that are linked to the tech giant’s myriad of services and promotions. The company expects Kakao's online services to generate synergy that will help it attract new customers.
Meanwhile, AmorePacific’s profit dropped by 59.3% to KRW64.4 billion, while its revenue sunk by 21.6% to KRW913.7 billion. The figures were shared last week as the company reports its results for the first quarter of fiscal 2023 last week. The company blamed the decline on the slowdown of demand in China.
Then again, The Korea Herald reported that market experts predicted that Amorepacific would recover in the second quarter. This is because the company recently launched strategies to boost its Sulwhasoo brand in a bid to lessen its dependence on China and gain customers in Europe and North America.
"The estimation is that Sulwhasoo's sales in the second quarter are showing three-digit growth centering on sales in offline channels, reflecting the output of Sulwhasoo's rebranding strategy in its Q2 earnings," Shinhan Investment & Securities’ researcher, Park Hyun Jin, said.
Photo by: AmorePacific Newsroom
