CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Instagram Outage Disrupts Thousands of U.S. Users 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
AmorePacific is said to have decided to pull out Innisfree, one of its popular brands, from North America. The South Korean beauty and cosmetic company will be closing out all of the said brand’s stores, and the shutdowns have already started.
The decision was announced by AmorePacific on Friday, May 7. The closing of Innisfree stores started as early as the following day after the announcement.
The affected outlets in North America
As per The Korea Times, the company actually stated its plans to leave from the North American market in December last year during a conference call. In February, it closed the doors of at least 10 outlets in the U.S.
Prior to the last weekend’s announcement, AmorePacific already stopped the operations in two stores in Canada, and these are the branches in CF Markville Mall and the Toronto Eaton Centre. On Saturday, May 8, it shut two more outlets, and these are located in Scarborough Town Centre and the Yorkdale Shopping Centre.
"We opened our first Innisfree store in Canada to introduce updated K-beauty products there, but due to the prolonged COVID-19 situation, we have decided to close down our shops," the company official explained.
But then again, while AmorePacific is closing down its Innisfree stores, it clarified that customers can still get them through online cosmetic platforms like Sephora. It was revealed that the company launched the first Innisfree store in New York nearly four years ago, in September 2017.
The company is struggling to keep its popularity
In January, the Korean cosmetic business was reportedly battered by the COVID-19 pandemic. The Inquirer mentioned that K-beauty has been a bustling business that some tourists even go to South Korea to buy these products.
However, the pandemic has stopped tourists from coming, and shopping has dramatically declined. In any case, AmorePacific is one of the K-beauty companies that were badly affected, and it led to the shut down of its stores overseas.
At this time, it was reported that the company is also struggling to maintain its popularity in China, one of its biggest markets. People are not looking for cheaper brands but will give the same effects, so its sales have been declining. Finally, AmorePacific is aiming to boost its e-commerce sales now so it can recover soon.
