AmorePacific’s Suh Kyung-Bae is Forbes Asia Businessman of the Year

Forbes Asia has named Suh Kyung-bae, CEO of South Korean cosmetic giant AmorePacific, its 2015 Businessman of the Year.

Suh, who took over the company from his father in 1997 has grown the cosmetics firm to a company composed of nearly two dozen major brands available in 14 countries.

According to Forbes, AmorePacific last year saw its revenue skyrocket 21% to $4.5 billion –this in the face of tepid growth in the global beauty and personal care industry of only 1.6%.


 

Strong interest in China for Korean-made cosmetics has seen AmorePacific shares jump an astounding 345% in the past two years.

In the December issue of Forbes Asia, released Thursday, the magazine writes:

The sudden ascent of Suh and the company founded by his father 70 years ago is inseparable from the success of South Korea itself. Thanks to hip songsters such as Psy and his hit “Gangnam Style,” hot pop groups such as Girls’ Generation and stylish soap actresses Jun Ji-Hyun and others, Korean popular culture has come to define what is sexy, cool and fashionable throughout East Asia.

That surge of cultural influence–known as Hallyu, or the “Korean Wave”–has buffed the image of the country and everything it makes, from its spicy food to Hyundai cars and Samsung smartphones.


 

Read the entire Forbes article here.

 

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