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View of AmorePacific headquarters. (Photo = AmorePacific) |
[Alpha Biz= Reporter Kim Jisun] Amorepacific, which embarked on a major restructuring of its overseas operations this year, simultaneously replaced the CEOs of its three key regional subsidiaries.
On the 31st, Amorepacific executed personnel changes by replacing the CEOs of its China, North America (United States and Canada), and Japan subsidiaries, which are the main regions for its overseas operations.
This year, Amorepacific has made global rebalancing a major management goal.
In the previous year, Amorepacific's overseas sales decreased by 6% compared to the previous year to 1.3918 trillion won. Operating profit turned into a deficit of 43.2 billion won. Although operating profit increased in other Asian countries including Japan, the decrease in overall operating profit was largely influenced by losses in the Chinese business.
In fact, as recently as 2021, the proportion of sales in China, which accounted for 65% of total overseas sales, fell to 38% last year. During this period, sales in China plummeted from over 1 trillion won to 500 billion won.
Park Tae-ho, former head of the business planning division, has been appointed as the new head of the China business. He joined Amorepacific in 2000 and has been praised for his understanding of the cosmetics industry as well as his organizational management skills, having been responsible for sales, business planning, and brand organization.
Giovanni Valentini, who has experience with various brands such as Dove, Kiehl's, and Lancome, having worked at Unilever and L'Oreal, has been appointed as the new CEO of the North America subsidiary. He successfully led businesses with multiple brands in Europe and the United States, demonstrating excellent business capabilities.
In Japan, the former North America RHQ CEO, Na Jeong-gyun, has taken over the position. He joined Amorepacific in 1998 and has served as the ASEAN CEO. Amorepacific plans to drive further growth in its North American and Japanese businesses with the new CEOs in place.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
