bution in Japan and India. It is also betting on derma skincare, meaning products for sensitive or problem skin, and hair care as its next sources of growth. Home is where the profit is The biggest surprise came from Korea, a market usually seen as mature. At the group’s main subsidiary, Amorepacific Corporation, domestic revenue grew 11.5 per cent to KRW 620.5 billion, while operating profit jumped 42.4 per cent to KRW 84.6 billion. The resulting 13.6 per cent margin was the highest for a third quarter since 2015.  One of the main drivers was tourism. Korea recorded more than 18.94 million foreign arrivals by late October, an all-time high. Amorepacific’s travel retail and cross-border sales grew 17 per cent and now make up a quarter of its Korean revenue, up from 23 per cent a year earlier. Duty-free and other travel retail alone accounts for 18 per cent of the domestic business. Meanwhile, the business benefited from the rise of CJ Olive Young, which has become a must-visit stop for tourists in South Korea. Amorepacific said sales through these stores grew at a double-digit rate, helped by placements in Olive Young’s promotions for international shoppers. The third, and the most important for profit, is what Amorepacific is selling. Sulwhasoo, its premium ginseng-based skincare line, rose to 29 per cent of Korean sales from 28 per cent. Aestura, a dermatological skincare brand sold through hospitals and clinics as well as online, grew more than 50 per cent and lifted its share of Korean sales from 7 to 9 per cent. Higher-priced products and fewer discounts pushed the company’s gross margin up by nearly a percentage point to 72.7 per cent. Beyond Korea Outside Korea, revenue rose 12.4 per cent to KRW 495.5 billion and operating profit rose 13.6 per cent to KRW 48.5 billion. The Americas and EMEA together generated KRW 241.1 billion, almost half of all overseas revenue. The Western business looks different from the one Amorepacific built in the late 2010s around Laneige and Sephora shelves. In the Americas, Aestura more than doubled its sales through Sephora and Amazon. Cosrx kept growing on TikTok Shop with its PDRN mask and peptide serum. Even the hair care brand Mise-en-scène topped Amazon’s hair styling serum category during a US promotion. In EMEA, sales rose 9.9 per cent. Cosrx revenue increased more than 30 per cent, with sales through TikTok Shop UK up more than 200 per cent. Aestura entered Boots in the UK, and Matas in the Nordics, and Laneige launched on Amazon UK. Japan and the rest of Asia-Pacific was the fastest-growing region, up 19.6 per cent. In Japan, Aestura and Cosrx each more than doubled their revenue and Hera, the group’s Seoul-styled makeup brand, grew by more than 90 per cent. Cosrx is now stocked in about 2900 Japanese stores, including Don Quijote, Loft and @cosme. Sulwhasoo used a pop-up at Isetan Shinjuku to mark its formal entry into Japan. India is the market to watch. Revenue there grew more than 60 per cent, helped by Laneige. In Southeast Asia, Aestura entered Sephora in Singapore, Malaysia and Thailand, while Cosrx grew in Indonesia and through Shopee and TikTok. A smaller China Greater China, which covers mainland China, Hong Kong and Taiwan, fell 1.5 per cent. That was far better than SK Securities’ forecast of a 9.2 per cent drop as Amorepacific continued to close and reorganise stores. Sulwhasoo’s overall China sales still fell, but sales at its key department store counters rose by double digits, and a 60th anniversary pop-up brought in new customers on Tmall. The company is also finding new ways to reach Chinese consumers. Ryo’s Hair Perfume line ranked first in Sam’s Club’s shampoo category. Hera used influencer livestreams on Xiaohongshu to drive purchases on Tmall. Laneige moved into Chinese multi-brand chains such as Wow Colour, KKV and Miniso. Even so, Greater China’s share of overseas revenue fell from 24 per cent a year earlier to 21.1 per cent. Amorepacific said the region remained profitable.  What comes next Not every number moved the right way. Amorepacific Group’s net income fell 13.3 per cent to KRW 72.2 billion. At its main subsidiary, Amorepacific Corporation, net income declined 14.3 per cent to KRW 58.5 billion, partly due to non-operating losses. Foreign-exchange translation losses linked to the stronger Korean won contributed to the decline, according to financial analysis. The bigger test is the group’s target of KRW 15 trillion in annual revenue by 2035, roughly three and a half times its 2025 sales of about KRW 4.25 trillion. Reaching it would take growth of about 13 per cent a year, faster than this quarter’s 8.9 per cent.  The next few quarters will show whether Amorepacific’s newer brands can hold their pace. Further reading: Amorepacific’s Yongsan flagship tests what physical retail can still do.