Amorepacific has secured a new growth engine in the global market by acquiring additional shares in COSRX. With this new share acquisition, COSRX will be integrated as a subsidiary of Amorepacific.
Amorepacific has made public through a press release that it will soon formalise the acquisition of the remaining 288,000 shares still held by COSRX's largest shareholder worth more than 755 billion won. In September 2021, Amorepacific had previously acquired 38.4% of COSRX shares and thus became a minority shareholder for the brand. At that time, one of the clauses included in the terms of the transaction was a call option and offering the alternative of being able to acquire the remaining shares. This option has not been exercised until now. Once this call option is exercised, Amorepacific will own 93.2% of COSRX shares.
Following the equity investment in 2021, the two companies jointly developed and launched products such as "The Vitamin C 23 Serum" and "The Retinol 0.1 Cream" from COSRX's next-generation flagship line, The RX, achieving success beyond the borders of Asian content. Following this move, as indicated by Amorepacific, it plans to accelerate and enhance its global expansion through a multi-faceted collaboration with COSRX.
Founded in 2013, COSRX is a mark of care of the skin hipoalergénica contrived for the care of the sensitive skins. Centred around the line 'Advanced Snail' and the line 'The RX', the mark has experienced a fast growth, establishing as one of the global referents in the care of the skin. In the last three years, the company has registered a half tax of annual growth of the upper sales to 60%, with 204.400 million wones in 2022. In the first semester of the year the Korean mark already had reached 190.200 million wones in sales and 71.700 million wones in profits of exploitation, continuing his marked upward trend.
Seunghwan Kim, CEO of Amorepacific Corporation, welcomed the move: "We are delighted that COSRX, which has shown rapid growth through differentiated products and marketing based on an exceptional understanding of digital channels, has joined our group." He further revealed, "Going forward, we aim to amplify COSRX's unique strengths while integrating Amorepacific's vision and business management expertise to make it a captivating brand that global customers will love."