South Korean beauty conglomerate Amorepacific has acquired the remaining 288,000 shares of Cosrx for 755.1 billion won (US$559.7 million), making the cosmetic brand its subsidiary.

The acquisition is expected to bring Amorepacific’s share in Cosrx to 93.2 per cent after the group snapped up 38.4 per cent of the skincare brand in 2021. 

“We aim to amplify Cosrx’s unique strengths while also integrating Amorepacific’s vision and business management expertise to develop it into a captivating brand that global customers will love,” said Seunghwan Kim, CEO of Amorepacific Corporation. 

Founded in 2013, Cosrx has a presence in about 140 countries and regions, including North America, Southeast Asia, Europe, and Japan. The company reported an average annual sales growth rate of more than 60 per cent in the past three years, reporting 204.4 billion won ($151.3 million) last year. 

Cosrx’s sales reached 190.2 billion won during the first half of this year with 71.7 billion won in operating profit. Overseas sales account for more than 90 per cent of the brand’s turnover. 

Last month, Amorepacific Corp launched its luxury makeup brand Hera in Japan as part of its efforts to expand the brand’s global business.