Korean beauty powerhouse Amorepacific Group, which owns the brands Laneige, Innisfree and Sulwhasoo, on Thursday signed a partnership with Alibaba Group’s product-development unit, Tmall Innovation Center, to tailor its products and marketing strategies specifically to Chinese consumers.
As part of the partnership, the companies launched an initiative to fast-track the design of new products, based on Alibaba’s insights into the local retail market and consumer preferences. TMIC will help Amorepacific tap into its full suite of big data and market-research solutions, providing real-time consumer feedback and real-world concept testing opportunities.
“We are committed to helping Amorepacific Group showcase the best of its offerings to the Chinese market,” said Liu Bo, general manager of Tmall and Taobao Marketing, adding that he plans to bring Tmall solutions such as TMIC to more global businesses looking to tap Chinese consumers.
Through the collaboration, Amorepacific seeks to shorten its product-incubation processes from an average of 18 months to six months, setting up a dedicated research and development team in Hangzhou to work with Alibaba on the project, starting January. This also marks the first time that the beauty giant, known for its innovative products and deep investment in R&D, extends its product-innovation capacity outside of its home market.
Amorepacific’s Laneige and Mamonde will be the first brands to launch new products under the new program, set to hit the market early next year, followed by the premium beauty brands Sulwhasoo and Hera.
Amorepacific CEO Ahn Sae-hong said that the TMIC partnership was critical for succeeding in China’s fast-moving consumer market. “Through the partnership with TMIC, we will take our business capability to the next level, not only by developing trend-leading products, but also by creating contents that will appeal to the Chinese consumers,” Ahn said.