Founded in 2013 by Sanghoon Jeon, COSRX has kicked major goals worldwide. In 2019, three of the South Korean skincare brand’s blemish-fighting hero products – Triple C Lightning Liquid, Acne Pimple Master Patch and BHA Blackhead Power Liquid – took out gongs in the US Teen Vogue Acne Awards.
A year later, Amazon in the US selected COSRX as one of its Global Brand Success stories. The brand is sold in all Ulta Beauty stores in the US and through Watsons, the world’s largest international health and beauty retailer, in major Asian markets.
AmorePacific, one of the two titans that dominate the South Korean cosmetics industry, has acquired a 38.4 per cent stake in COSRX for US$153 million as part of its Vision 2025 strategy to expand its reach internationally.
The maker of 30 beauty brands, including Innisfree, Sulwhasoo, Laneige, Mamonde and Etude, AmorePacific is the 12th largest cosmetics company in the world. The multinational will become the second largest shareholder in COSRX and also has a call option to buy the remaining 57.6 per cent of the brand’s stock from 2024 to 2025.
Over 80 per cent of COSRX’s sales come from international markets. In addition to Australia, it is available in 40 markets, including the US, China, Germany and Japan.
According to Ahn Se-hong, CEO of AmorePacific – “Based on our outstanding marketing and digital business capability, we plan to grow together by raising K-Beauty’s status in the global market through partnership with COSRX, which is loved by the global Millennial and Gen Z generations.”