BY23 is coming to an end. I applaud Team Amore’s hard work that has been put into building the company’s brand so far. I imagine that everyone is already busy planning for the coming year. With BY24 just around the corner, I wanted to explore with you
the preparations we need to make for the next year, through the great stories that changed the history of mankind.

 

 

It’s often told that Europe would not have become Europe today without the Age of Discovery. Before the Age of Discovery, medieval Europeans believed that the earth was flat and that ships sailing beyond the Mediterranean Sea would fall off a cliff.
Around the 15th Century, however, explorers with pioneering spirit from Western European countries, such as Portugal and Spain, set out to discover new sea routes and new lands. We call this period the Age of Discovery.

The first person to lead Portugal as a maritime power was Prince Henrique. Also known as the “Prince Henry the Navigator,” he captured Ceuta, a key point on the way from the Mediterranean to the Atlantic Ocean, and established a navigation research
institute in Sagres, the southwestern tip of Europe, thereby laying the foundation for advancing into the sea. Vasco da Gama was the first explorer who realized Henry's dream of advancing on the great seas. When the Ottoman Empire took control of Constantinople,
making the trade with India difficult, Vasco da Gama pioneered the first Indian route through the Atlantic Ocean and the southern coast of Africa, endowing Portugal much prosperity.

After Vasco da Gama, there was Cabral. Drifting in a storm while sailing Vasco da Gama’s route, Cabral discovered Brazil by accident. It was also then that he discovered the faster route to reach India from Brazil through the Cape of Good Hope. Spain
was also an active participant of this Age. Under the auspices of Queen Isabella of Spain, Columbus sailed west to discover the Americas. Magellan also pioneered a route to South America with the support of Spain and came to discover a peaceful sea
never witnessed before. He named the sea the Pacific (太平洋).

These explorers reshaped trade and seized new opportunities by throwing themselves into new possibilities. Similar to these explorers, we are currently experiencing a great paradigm shift.
As these explorers have done before, we should boldly throw ourselves into new possibilities and reach out to the expanse ocean of opportunities.

 

 

Though we benefited much from Hallyu (Korean Wave) before the pandemic, we were not able to turn that opportunity into our strength. We grew accustomed to our success brought about by Hallyu and did not push ourselves enough to produce innovative products
and contents, which would have added to our strength. Notwithstanding what we have missed, now we have the opportunity to examine ourselves thoroughly in order to make better preparations for a farther future. Markets of great opportunities are unfolding
before our eyes.

Our US branch, which has not exceeded $100 million in sales for a long time, is looking at $300 million BY24. Laneige alone is expected to exceed $200 million in sales. We discovered ‘new lands(新大地)’ in the US: Amazon and Sephora. Through Amazon, we
are not only reaching out to the US but also to European countries, such as the UK. Through Sephora in the US, we are expanding our reach to Canada, Australia, and the Middle East.

We are also seeing new opportunities in Japan, where we have continued to sow seeds of hard work since the 70’s. With the Korean culture rising in popularity, we would be able to reap much from introducing Hera and Aestura in Japan. We expect new opportunities
in Taiwan and Thailand as well, countries of which distribution environments and trends resemble those of Japan. It is noteworthy that Thailand currently has the fastest growth rate among the ASEAN countries. Also, markets in Vietnam and Indonesia should
not be overlooked.

Chinese market is still very important. We should not attribute our slow growth in China to external factors. Instead, we should ask ourselves what we could do better to satisfy Chinese market and customers. ‘Osstem Implant,’ albeit being a Korean
company, is growing much faster in China than in Korea. Though it suffered financial difficulties at one time, Osstem Implant achieved an average annual growth rate of nearly 40% by targeting the local market with irreplaceable products. In 2022, it
exceeded 1 trillion won in sales. Likewise, we should rise to the challenges in China by introducing our very own irreplaceable products.

Stories from the Age of Discovery teach us that steps to overcome difficulties, be they small or great, add up to opening a whole new world.
Therefore, we should boldly face the new paradigm shift, discover new opportunities within it, and rise to the challenges.
We should work hard to deliver a stronger brand, more innovative products, and more attractive contents.

BY24 should be the turning point. We should break ourselves from the glorious days of the past and instead, should devote our undivided attention to right now and what lies ahead.
This is the Age of Discovery again, where only those rising to new challenges thrive.
The company will always be there to support your bold steps. Like a pod of killer whales, let’s venture into the ocean with unparalleled teamwork. Dream big,
New Beauty!