Amorepacific-owned Etude House Exit from HK Market

Etude House, a Korean beauty brand owned by Amorepacific, has decided to exit from the Hong Kong market after a decade of operations, with its last day of business being April 24th.

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Etude House, a Korean beauty brand owned by Amore Pecific, has decided to exit from the Hong Kong market after a decade of operations, with its last day of business being April 24th.

"Thank you for your love and support to ETUDE. ETUDE will go out of business in Hong Kong starting from 24 April, 2023." the Etude House statement read.

On Feb 2022, HERA, also a brand under Amore, announced that it has gradually closed its offline counters in China. HERA is a high-end beauty brand owned by the Korean cosmetics giant, Amorepacific. Established in 1995, it offers a full range of skincare and makeup products. In July 2016, HERA officially entered the Chinese market with its first offline counter located at SKP in Beijing.

On Feb 2022, Etude House closed its last physical store in Singapore's Bugis Junction and shifted its focus to online sales. However, its products remained available in Singapore through its website and on eCommerce platforms like Lazada and Shopee.

The Korean beauty brand, known for offering affordable cosmetics, entered the Hong Kong market in 2013. It is reported that the Etude House once rented a shop on Yee Wo Street in Causeway Bay for almost HK$1 million monthly. However, the store has since closed permanently and has been replaced by Casetify's store. To date, six Etude House stores in Hong Kong have ceased operations.

According to Amorepacific's financial report, although its subsidiary brand Etude House achieved a turnaround in performance, the company's total sales in 2022 were 44.95 trillion Korean won ($3.379 billion), with a decline of 15.6% compared to 2021. 7.19 trillion Korean won ($2.044 billion) in 2022, a year-on-year decline of 23.7%, and sales in the Asia region fell by 24%.