SEOUL, South Korea, Oct. 27, 2017 /PRNewswire/ -- Suh Kyung-bae, the Chairman and CEO of Amorepacific Group, ranked #20 on the list of 'Best-Performing CEOs in the World 2017' announced by the Harvard Business Review on October 24, 2017. The list assesses and ranks CEOs' performance using factors such as market capitalization, shareholder interest and social contribution over the entire period of their tenure. Suh ranked #2 among all Asian CEOs. He also ranked highest among leaders of top global cosmetics giants.
Another notable leader on this year's list is Pablo Isla, the CEO of Spanish retailer Inditex, who was recognized as the top performing CEO of the year. In Asia, Hisashi Ietsugu, the CEO of a Japanese healthcare company Sysmex Corporation was two spots ahead of Suh at #18 on the list and highest among Asian CEOs. Within the cosmetics industry, Fabrizio Freda of Estée Lauder ranked #25, and L'Oréal's Jean-Paul Agon ranked #87.
This is also the the first time a Korean CEO has been listed since Yun Jongyong, former CEO and Vice Chairman of Samsung Electronics and Chung Mongokk, Chairman of Hyundai Motor Group who ranked #3 and #6, in 2013 respectively.
"Amorepacific is one of the most innovative companies according to Forbes (Amorepacific ranked 16th on the 2017 Forbes Most Innovative Companies list) and has pioneered innovations such as cushion technology," said Nana Von Bernuth, Director of Insead Business School. "It is known that Suh enjoys reading and meditation and has always had a curious nature. We believe this is an essential trait to a long-term achievement in company management."
"With an entrepreneurial mindset, Suh is always exploring emerging opportunities. He also shows outstanding insights in understanding potential markets and developing new, innovative products," said Michael Jarrett, professor at Insead Business School. "Amorepacific's strength is also its well-maintained heritage inherited from Suh's grandmother, Yun Dokjeong."
Since Suh's inauguration as CEO of Taepyeongyang Co., Ltd. (present Amorepacific Corporation), the company's sales have increased tenfold (KRW 646.2 billion in 1996 to 6.6976 trillion in 2016) and operating profit more than twenty times (KRW 52.2 billion in 1996 to 1.0828 trillion in 2016). These achievements allowed the company to become the 7th largest beauty company by sales according to Women's Wear Daily.
The sales of its overseas operation totaled KRW 1.6968 trillion in 2016, which is 181 times larger than the amount the company exported in 1996, which was KRW 9.4 billion. Amorepacific is speeding up its global market reach and laying a business platform for its next global brands, while currently focusing on the five global champion brands -- Sulwhasoo, Laneige, Mamonde, Etude House and innisfree.
Amorepacific continues to participate in a range of social contribution activities for the mission of creating a more beautiful world. In the past 20 years, the amount the company spent on doing social contribution activities increased 62 times (from KRW 0.4 billion to KRW 24 billion).
Since 1945, AMOREPACIFIC has had a single, clear mission: to present its unique perception of beauty– namely what it calls 'Asian Beauty' – to the world. As Korea's leading beauty company, AMOREPACIFIC draws from its deep understanding of both nature and human to pursue harmony between inner and outer beauty. With its portfolio of over 20 cosmetics, personal care, and health care brands, AMOREPACIFIC is devoted to meeting the various lifestyles and needs of global consumers around the world: Asia, North America, and Europe. AMOREPACIFIC's research hubs located around the world are dedicated to sustainable R&D that combine the best of natural Asian ingredients and advanced bio-technology. With its world-class products, AMOREPACIFIC is acclaimed for the innovative ways in which it is transforming global beauty trends.
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