Amorepacific acquires COSRX through additional stake purchase
South Korean cosmetics company Amorepacific has raised its stake in COSRX, making the skincare brand a subsidiary.
The owner of Laneige and Innisfree will acquire 288,000 remaining shares held by COSRX's largest shareholder and related parties for ₩755.1 billion.
Amorepacific previously acquired 38.4% of COSRX shares in September 2021. At that time, the company had the option to purchase the remaining shares, which it has now decided to exercise.
With this recent purchase, Amorepacific is expected to own 93.2% of COSRX shares.
Founded in 2013, COSRX is a hypoallergenic skincare brand designed for sensitive skin. Its hero product collections include 'Advanced Snail' and 'The RX' lines.
The brand has shown an annual sales growth rate of over 60% in the past three years, reporting ₩204.4 billion in 2022. For the first half of 2023, COSRX has achieved ₩190.2 billion in sales.
It has expanded to around 140 countries, including North America, Southeast Asia, Europe, and Japan, with overseas accounting for over 90% of its total sales.
Seunghwan Kim, CEO of Amorepacific, said: "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.
"Moving forward, we aim to amplify COSRX's unique strengths while also integrating Amorepacific's vision and business management expertise to develop it into a captivating brand that global customers will love."