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Amorepacific Group Chairman's Compensation Reflects Strategic Adjustments
Seo Kyung-bae, Chairman of AMOREPACIFIC Group, received 3.8606 billion won in compensation last year, representing a 2.5% decrease from the previous year. This includes salaries and bonuses from both Amorepacific Corporation and AMOREPACIFIC Group. Specifically, Seo earned 2.856 billion won from Amorepacific and 950 million won from the holding company. The compensation structure was determined based on organizational performance and executive regulations approved by the board of directors. Excluded from this total were shares received from both entities. The slight reduction in compensation reflects tighter cost management as the company adapts to competitive market conditions and shifting consumer demands. Investors are monitoring these changes closely.
Body Shop Restructuring Leaves Suppliers with Significant Losses
The Body Shop, a prominent beauty brand, faced financial collapse earlier this year, entering administration in February and closing 82 stores with 489 job losses. Despite a rescue by Mike Jatania’s Aurea Group for £44.3 million, keeping 113 stores operational, creditors will only receive 16% to 27% of the £219 million owed. Notable creditors include Avon and several charities. Tax authorities and employees are fully compensated, but unsecured creditors face significant losses. Under new ownership, The Body Shop has returned to profit, earning £2 million in its first 100 days. This scenario underscores the sector's volatility and raises concerns about financial risk distribution among stakeholders.
Coty Realigns Strategic Focus: Exiting Kim Kardashian's Beauty Venture
Coty Inc. is divesting its 20% stake in Kim Kardashian’s SKKN by Kim, transferring control to her rapidly growing shapewear brand, Skims, valued at US$4 billion. Initially acquired for US$200 million in 2021, the financial details of this sale remain undisclosed. While Kylie Cosmetics, partially owned by Coty, continues its partnership, frustrations over Coty’s management led Kardashian and Kylie Jenner to seek greater ownership of their brands in 2023. This move merges Kardashian’s beauty line under Skims, which recently partnered with Nike. Coty's decision reflects a broader trend of consolidating celebrity-backed beauty ventures, allowing it to refocus on core investments like Kylie Cosmetics.