Innisfree Corp., a subsidiary of South Korean cosmetics giant AmorePacific Group, said Saturday it has opened its first outlet in Australia as local cosmetics firms move to diversify their sources of income after being hit hard by China over a missile defense system row last year.
The launch of the new store, which opened at a shopping complex in Melbourne on Friday, raises the number of overseas countries with Innisfree outlets to 12, including China, Thailand and the United States, it said.
Laneige, another popular AmorePacific brand, tapped the Australian market in March, marking the first time for any of the business group's brands to enter the country.
Korean manufacturers and retailers have been accelerating their overseas drive after suffering a plunge in revenues following China's ban on sales of Korea-bound group tours in March last year in retaliation over Seoul's decision to deploy a U.S. missile defense system.