OR continues to enhance its presence in the lifestyle business. In its latest stride, OR has partnered with Amorepacific, a leading player in South Korea’s beauty industry. This collaboration propels both parties to penetrate the Thai Health & Beauty market further, with a vision to provide a diverse range of affordable products to meet customer needs. Selected products from Amorepacific can be found in the new store concept by OR by mid-2024.
Mr. Disathat Panyarachun, Chief Executive Officer of PTT Oil and Retail Business Public Company Limited (OR), and Mr. Sangmok Lee, Chief Executive Officer of Amorepacific Group, one of the world’s top beauty companies, have come together to sign a business partnership agreement in Seoul, Republic of Korea. The Memorandum of Understanding between the two parties focuses on partnership opportunities for OR to sell Korean-beauty products from Amorepacific through its channels, in order to cater to the evolving demands of today’s Thai consumers.
Mr. Disathat discloses OR’s unwavering commitment to forge new strategic partnerships, aiming to emerge as a frontrunner in the Health & Beauty industry. Earlier this year, OR has teamed up with esteemed partners such as Sugi Holdings, a prominent Japanese drugstore, and Konvy, Thailand’s #1 online destination for beauty products, to accelerate and strengthen its entry in the health & beauty retail sector.
The collaboration between OR and Amorepacific focuses on Korean-beauty product supply and localized product development for Thailand and Southeast Asia in the future. These strategic moves underscore OR’s plan to broaden its lifestyle business portfolio beyond Food & Beverage and Tourism & Accommodation and set itself up for the long-term success.
Mr. Sangmok Lee said, “This MOU will be a great opportunity to create further synergies based on the strengths and expertise of both companies,”.
Furthermore, Amorepacific stands as South Korea’s pioneering beauty product manufacturer and distributor for over 30 leading Korean beauty brands. Established in 1945, it proudly possesses a rich legacy of crafting beauty products and leading innovations.
The company’s products often incorporate traditional Korean ingredients and techniques, alongside advanced skincare technology, catering to different demographics and skincare needs. Holding a prominent market share in Korea, it has gained global recognition with its esteemed brands including Sulwhasoo, Laneige, Innisfree, Mise-en-Scene and COSRX.
OR persists in bolstering its presence in the Thai Health & Beauty retail sector through its proactive pursuit of strategic partnerships both domestically and globally. This ongoing effort seeks to combine strengths and expertise of OR and its partners to offer a comprehensive range of affordable products and a convenient shopping experience tailored to meet the needs of Thai consumers, with an unwavering commitment to delivering accessible health and beauty products of exceptional value. Mr. Disathat emphasized in closing.
