Memebox, a leading player in K-beauty, has selected Samsung Securities as its lead underwriter for its initial public offering (IPO), marking the official start of its IPO process. Memebox is preparing for a leap forward as a global comprehensive beauty company through this IPO.

https://seenthis.kr/newspage/2522

Evolution of business models based on customer data

Founded in 2012, Memebox is a K-beauty specialist company that has grown with "K-beauty enthusiasts." The company began with 'subscription' and 'mobile commerce,' delivering curated beauty products to customers' homes every month, and has datafied the diverse needs and preferences of its customers. Based on this, it has become a consumer goods company that operates five beauty brands: makeup brands 'I'm Meme,' 'Pony Effect,' and 'Kaja,' and skincare brands 'Nooni' and 'I Dew Care.' These brands are gaining popularity on TikTok and social media for their vegan ingredients, highly effective products, unique formulations and designs, and easy and convenient usage. They are particularly popular among customers aged 10 to 30.

Impressive achievements in the North American and global markets

90% of Memebox's revenue is generated overseas, with nearly 50% coming from North America. This is the highest proportion among Korean companies. North America is the dream destination for many beauty companies, and Memebox has been operating an independent team since establishing a branch office in January 2014. Through 10 years of continuous investment, it has successfully entered not only online but also various large offline distribution channels. Nooni's 'Lip Oil' and I Dew Care's dry shampoo 'Tap Secret' consistently rank first in their categories on Amazon.com. Starting with 'Kaja,' launched in collaboration with Sephora USA in 2018, Memebox has launched brands exclusively for the US market, such as 'I Dew Care,' and has built strong relationships with key retail partners in the US, including Amazon, ULTA, Macy's, Nordstrom, and JCPenney.

Silicon Valley investment and a global revenue portfolio

Memebox has secured over $200 million in investment from leading venture capitalists in Silicon Valley, including Formation 8, Goodwater Capital, Pear VC, and Y Combinator, driving its stable growth. It also has a structure where revenue is generated from various global markets based on four legal entities in Korea, the United States, China, and Taiwan, allowing it to build a portfolio that can withstand global market crises. In 2023, the company achieved 30% revenue growth compared to the previous year, and began preparations for its IPO by reaching the break-even point in the second half of the year. It aims to grow by more than 30% year-on-year in 2024, and with first-quarter results showing a 23% increase year-on-year, the goal is becoming a reality. Furthermore, in 2023, 'I'm Multi Stick' was ranked as the top-selling product in the Japanese drugstore 'Don Quijote,' showing significant growth. This continued growth is expected in the current year. Memebox is also implementing plans to further expand its global revenue base through a strategic partnership with Silicon Two.

Ha Hyung-seok's leadership

Ha Hyung-seok, CEO of Memebox, is an innovator leading the K-beauty industry with his diverse experience and insights gained from the fields of engineering, fashion, beauty, and e-commerce. He demonstrated his remarkable patriotism by volunteering for the Afghan deployment unit during his university days, and since starting his business, he has focused on promoting Korea's technological prowess and beauty sense to the world. Aiming for success in the US, the largest market in the world, he became the first Korean company to be selected for Y Combinator, the largest startup accelerator in the US. In 2019, he was also recognized by Fast Company, a US economic magazine, as one of the 'Most Innovative Beauty Companies.' He has also achieved numerous feats, such as being the first partner chosen by Sephora USA to launch a new K-beauty brand.

"Based on a successful IPO through our collaboration with Samsung Securities, we plan to reinvest profits earned overseas into Korea, contributing to the development of the Korean cosmetics industry and laying the groundwork for Memebox's leap forward as a global comprehensive beauty company," said Ha. "Through new investments this year, we plan to build an infrastructure that enables promising K-beauty brands to export to the US and global markets. We will also expand our recruitment of specialized personnel in each field to play a leading role in the K-beauty ecosystem." Ha added, "The global growth potential of K-beauty is still great. We want to contribute to our national economy and export activation by exporting products made 100% in Korea to the global market."

Memebox's IPO is expected to draw significant attention in the Korean securities market, and its future as a global comprehensive beauty company is anticipated.

Introduction to Memebox

Memebox is a K-beauty company founded by Ha Hyung-seok based on the belief of introducing Korea to the world. It is a foreign-owned company headquartered in San Francisco, USA. Memebox has secured over $200 million in investment from leading venture capitalists in Silicon Valley, including Formation 8 & Group, Goodwater Capital, Johnson & Johnson, Pear VC, and Y Combinator. In 2018, it became the first company in the world to launch a color cosmetics brand, 'KAJA (Kaja),' through a collaboration with Sephora USA. Since then, it has been focusing on expanding its presence in the North American market, further strengthening its position through collaborations with major online and offline retail partners, including Amazon, ULTA Beauty, Macy's, and Nordstrom.

Kaja Beauty: https://kajabeauty.com/
nooni: https://nooni.me/
I Dew Care: https://idewcare.com/
Memebox Korea Self-operated Mall: https://kr.memebox.com/

Website: https://www.mbx.co/

Contact Information
Memebox (MBX)
Global Human Resource Team
Nina Ryu, HR Manager
+82-2-6205-3003