Global beauty company Amorepacific Group announced a business partnership with the leading lifestyle retailer in Indonesia PT Mitra Adiperkasa Tbk (hereafter, MAP) on February 3, 2020.
Amorepacific Group entered a business partnership with MAP to boost the growth of its business in Indonesia which is a high potential market for the company within the Asia-Pacific region, one of the company’s global strategic pillar. In the presence of Amorepacific Group’s President Dong-hyun Bae and MAP Group CEO V.P. Sharma, the partnership signing ceremony was held at MAP HQ in Jakarta, Indonesia with both companies agreeing to join efforts to deliver the brands of Korea's largest beauty company along with a wide range of its innovative products to the local customers across Indonesia.
Through this partnership MAP plans to expand Amorepacific’s presence beyond Jakarta and across Bali, Surabaya and Bandung regions. More local customers are expected to have better accessibility to Amorepacific’s global brands such as Sulwhasoo, Laneige, Innisfree, Etude through the strong retail network of MAP.
"We are looking forward to working with MAP, the largest retailer in Indonesia to unlock the enormous potential the country has to offer. With their expertise in retail, MAP and Amorepacific’s global brands are expected to create a great synergy and thereby provide the best quality service to the customers in Indonesia" said Dong-hyun Bae, President of Amorepacific Group.
"The business partnership with global beauty leader Amorepacific Group has further strengthened our global premium brand portfolio. We will give full support to Amorepacific Group bringing innovative products to modern Indonesian customers who are increasingly interested in beauty and well-being" said V.P Sharma, CEO of MAP Group.
Having established its Indonesia business in 2013, Amorepacific Group has continued to grow in the Indonesian market. Currently, it is offering brands such as Sulwhasoo, Laneige, Innisfree and through MAP partnership, it will further add Etude to its operation. Indonesia is the world’s fourth largest country in terms of population size, with a population of approximately 270 million. In particular, the Indonesian personal care and beauty market has reached approximately USD 5,240 million as of 2018 and is expected to grow to a USD 9,265 million sized market by 2023. With this partnership with MAP, Amorepacific Group will reinforce its leadership in the Indonesian beauty market.