Amore Pacific
October 31, 2023
SEOUL, South Korea -- October 31, 2023
Amorepacific said it will acquire the 288,000 remaining COSRX shares held by the skincare brand's largest shareholder and related parties for 755.1 billion won, making COSRX a subsidiary.
Amorepacific bought 38.4 percent of COSRX in September 2021 and received a call option on the remaining shares, which it has now decided to exercise. After the transaction, Amorepacific is expected to own 93.2 percent of COSRX.
Founded in 2013, COSRX sells hypoallergenic skincare for sensitive skin, led by its Advanced Snail and The RX lines. The brand reported 204.4 billion won in sales in 2022 and 190.2 billion won in sales and 71.7 billion won in operating profit in the first half of 2023. It sells in about 140 countries, and overseas sales account for more than 90 percent of its total.
"We are thrilled that COSRX, which has shown rapid growth through differentiated products and marketing based on an exceptional understanding of digital channels, has become a part of our group," said Seunghwan Kim, CEO of Amorepacific Corporation.