Korea's biggest beauty company Amorepacific announced that it has signed a Memorandum of Understanding (MOU) with Southeast Asia's leading e-commerce company Lazada Group to strengthen its strategic partnership and work together to solidify their brand outreach in Southeast Asia.
The MOU is aimed at invigorating Amorepacific's online business in Southeast Asia, a key global strategic region. Lazada will enable the beauty company to leverage the e-commerce platform's extensive network and accelerate the growth and enlarge its market share in the region by showcasing its innovative "Asian Beauty" products to a greater consumer base.
The MOU signing event was held at Amorepacific Global Headquarters in Seoul, in the presence of the key executives of both companies, including Amorepacific's President Ahn Sehong and Lazada Group's Chief Executive Officer (CEO) Pierre Poignant. Both companies will work together to provide a differentiated customer experience in the Korean beauty category to consumers in the region. The MOU is expected to strengthen Amorepacific's leadership in beauty products and services by leveraging Lazada's digital technology and competitive standing in the e-commerce space.
The new MOU will allow both companies to launch new brands and collaborate on various projects, such as exploring new retail business that combines online and offline channels as well as innovative data marketing. Both companies will also build a strategic partnership for the protection of intellectual property rights on Lazada's online market to establish a stable e-commerce ecosystem.
"With this MOU with Lazada Group, we expect to see some mutually beneficial outcomes," said Amorepacific President Ahn Sehong. "Amorepacific will continue to create touchpoints with more ASEAN customers and promote innovation in the customer experience through the digital channel."
"This partnership is our commitment and joint ambition to build our Asian beauty and skincare category and provide an elevated shopping experience," said Pierre Poignant, CEO of Lazada Group. "Beauty is one of Lazada's top product categories across the region and we are excited to combine our digital expertise with Amorepacific's offerings to create the best shopping experience for our customers."
Amorepacific already uses Lazada Group's digital platform to distribute its key brands such as LANEIGE, Mamonde, innisfree and ETUDE HOUSE, in major ASEAN markets including Singapore, Thailand and Vietnam.
Founded in 1945, Amorepacific is striving to let the world know about "Asian Beauty" by seeking harmonious beauty of humanity and nature as well as inner and outer beauty as Korea's biggest beauty company. With over 20 cosmetics, personal care and healthcare brands, Amorepacific is leading the global beauty trend by presenting world-class products based on continuous research and development that combines Asia's natural ingredients and advanced biotechnology for consumers all over the world including Asia, North America and Europe.
Caption - MOU between Amorepacific and LAZADA