The landscape of corporate succession at Amorepacific, South Korea’s largest cosmetics company, is shifting in dramatic and unexpected ways. On March 27, 2026, Chairman Suh Kyung-bae made a headline-grabbing move by gifting 190,000 shares of Amorepacific common stock—worth roughly 30 billion KRW (about $22 million USD)—to his second daughter, Suh Ho-jung. This transfer, revealed in the company’s regulatory filings and reported by Asia Economy, marks a significant moment in the ongoing contest for control of the beauty empire, as it narrows the already slim gap between the shares held by Suh’s two daughters.
The transfer reduced Suh Kyung-bae’s own stake in Amorepacific from 9.02% (6,228,072 shares) to 8.74% (6,038,072 shares). Despite this reduction, the group’s overall control structure remains unchanged for now. But the move has set the stage for a new phase in the family’s succession drama, one that pits tradition against merit and has industry watchers buzzing about what comes next.
According to Asia Economy, this isn’t the first time Chairman Suh has transferred shares to his younger daughter. In February 2021, he gifted her 100,000 shares of Amorepacific Holdings common stock. In May 2023, she received an additional 672,000 common shares and 1,728,000 preferred shares. These preferred shares, which currently do not carry voting rights, are set to be converted into common shares in 2029—a move that could significantly alter the balance of power within the group.
Between February 9 and 20, 2026, Suh Ho-jung sold 7,880 common shares of Amorepacific and 256,795 shares of Amorepacific Holdings, raising about 10.1 billion KRW. The company explained that these sales were likely intended to help her cover gift tax obligations following the earlier transfers. Nevertheless, she continues to hold the 1,728,000 preferred shares in Amorepacific Holdings, which represent a 12.77% stake in the holding company. While these shares lack voting rights for now, their eventual conversion to common stock could prove pivotal in future leadership battles.
What’s especially striking about this latest development is how it contrasts with the trajectory of Suh’s eldest daughter, Suh Min-jung. For years, Min-jung was widely regarded as the heir apparent. She graduated from Cornell University, worked at Bain & Company, and joined Amorepacific’s manufacturing technology team in 2017. However, her path took several unexpected turns. After a brief stint at the company, she left to complete an MBA at China’s prestigious Cheung Kong Graduate School of Business, only to return to Amorepacific in 2019. But in July 2023, following rumors of family discord after her 2021 divorce, Min-jung took extended leave from the company and has not returned since.
Min-jung’s retreat from the corporate front lines has coincided with a steady divestment of her holdings in Amorepacific’s affiliated companies. In 2022, she sold all her shares in Etude and Espoir, two key subsidiaries, after those shares were canceled through capital reduction. Then, in June 2023, she donated half her stake in Innisfree (23,222 shares, or 9.5%) to the Suh Kyung-bae Science Foundation. These moves have further eroded her influence in the group, while her younger sister’s profile continues to rise.
Ho-jung, by contrast, has been steadily building her credentials within the company. After graduating from Cornell University’s School of Hotel Administration in 2018, she joined Osulloc, Amorepacific’s fast-growing tea and wellness subsidiary, in July 2025. There, she has taken on responsibilities in product development and marketing, focusing on expanding the brand’s reach and strengthening its position as a new growth engine for the group.
Osulloc’s performance has been nothing short of impressive. According to Asia Economy, the company achieved record sales of 110.8 billion KRW in 2025, surpassing the 100 billion KRW mark for the first time since its spin-off. Operating profit also soared, rising from 3.2 billion KRW in 2021 to 11.5 billion KRW in 2025. The brand’s expansion into wellness—such as launching tea bars in CJ Olive Young’s wellness platform “Olive Better”—has further bolstered its reputation as a pillar of Amorepacific’s future growth strategy.
Chairman Suh’s vision for the company extends well beyond cosmetics. At the company’s 80th anniversary celebration in 2025, he outlined an ambitious 10-year plan to transform Amorepacific into a global beauty and wellness powerhouse with annual sales of 15 trillion KRW. He emphasized the importance of wellness, beauty devices, and new business models in achieving this goal—a vision that aligns closely with the work Ho-jung is now leading at Osulloc.
The Suh family’s approach to succession has always bucked tradition. Amorepacific’s roots trace back to Suh Kyung-bae’s grandmother, Yoon Dok-jung, who started selling homemade hair oil in Kaesong. The company’s modern incarnation was built by Suh’s father, Suh Sung-whan, who founded Taepyeongyang Chemical. Notably, Suh Kyung-bae himself is a second son who rose to the top thanks to his business acumen, rather than birth order. This precedent of merit-based succession continues to shape the current transition, as the gap between the two sisters’ shareholdings narrows to just 0.56 percentage points—2.84% for Min-jung and 2.28% for Ho-jung (including both common and preferred shares).
The ultimate decision, however, may rest with Chairman Suh’s own holdings. He still controls 50.28% of Amorepacific Holdings (45,251,829 shares), a stake that gives him the final say in determining the company’s next leader. Industry analysts suggest that the eventual conversion of Ho-jung’s preferred shares into voting stock could tip the scales decisively in her favor, should she continue to gain operational experience and public trust within the group.
Outside observers, including investors, are watching these developments closely. A recent investment analysis report on Amorepacific Holdings, dated April 25, 2026, and prepared using proprietary AI methods by Judal, cautioned that such reports are for reference only and that all investment decisions rest with the individual investor. The note of caution reflects the uncertainty that still surrounds the succession process, as well as the high stakes involved for both the company and its shareholders.
As the contest between the Suh sisters heats up, many are reminded that, in Korean corporate dynasties, tradition can be trumped by performance and adaptability. With Ho-jung gaining ground and Min-jung’s future uncertain, the next chapter in Amorepacific’s story promises to be as unpredictable as it is consequential. The outcome will not only determine the fate of a family business but could also shape the future of South Korea’s beauty industry for years to come.