Mimibox to Pursue IPO, Appoints Samsung Securities as Underwriter

Leading K-beauty company, Memebox, has selected Samsung Securities as its lead underwriter for its initial public offering (IPO), officially commencing its journey toward going public. Memebox aims to leverage this IPO to become a globally recognized comprehensive beauty company.

https://seenthis.kr/newspage/2522

Evolution of the Business Model Based on Customer Data

Established in 2012, Memebox is a K-beauty specialist that has grown alongside 'K-beauty enthusiasts'. The company started with a 'subscription' service and 'mobile commerce' model, delivering curated beauty products to customers' doorsteps each month. This approach allowed the company to gather data on diverse customer needs and preferences. Leveraging this data, Memebox has transformed into a consumer goods company operating five beauty brands: makeup brands 'I'm Meme', 'Pony Effect', and 'Kaja', and skincare brands 'Nooni' and 'I Dew Care'. These brands have garnered immense popularity on TikTok and social media thanks to their vegan ingredients, high-efficacy formulas, unique textures and designs, and user-friendly applications. They are particularly well-known among the 10-30 age group.

Remarkable Achievements in North America and Global Markets

Memebox generates 90% of its revenue from overseas markets, with nearly 50% stemming from North America – the highest proportion among Korean companies. North America is a highly coveted market for many beauty companies, and Memebox has been operating an independent team through a local office established in January 2014. Through consistent investment over the past 10 years, Memebox has successfully entered not only online but also various major offline retail channels. On Amazon US, Nooni's 'Lip Oil' and I Dew Care's dry shampoo, 'Tap Secret', consistently rank as top products in their respective categories. Starting with 'Kaja', launched in collaboration with Sephora US in 2018, Memebox has continued to introduce US market-specific brands such as 'I Dew Care', building strong relationships with major US retail partners including Amazon, ULTA, Macy's, Nordstrom, and JCPenney.

Silicon Valley Investment and Global Revenue Portfolio

Memebox has secured over $200 million in investments from leading Silicon Valley venture capitalists, including Formation 8, Goodwater Capital, Pear VC, and Y Combinator, which has fueled its stable growth. Moreover, with four corporate entities in Korea, the US, China, and Taiwan, Memebox has built a revenue structure diversified across various global markets, enabling it to navigate global market uncertainties with resilience. In 2023, the company achieved a 30% year-on-year revenue increase and reached the break-even point in the latter half of the year, paving the way for its IPO preparations. Memebox is targeting over 30% year-on-year growth in 2024, and its first-quarter results, showing a 23% year-on-year increase, indicate that the goal is within reach. Furthermore, 'I'm Multi Stick' achieved the top spot in overall sales at Don Quijote, a Japanese drugstore chain, in 2023, reflecting significant growth and setting the stage for continued expansion this year. Additionally, Memebox is executing its plan to broaden its global sales base through a strategic partnership with Silicon Two.

Leadership of CEO Hyung Seok Ha

Memebox's CEO, Hyung Seok Ha, is an innovator who has spearheaded the K-beauty industry with his diverse experiences and insights across engineering, fashion, beauty, and e-commerce. He exemplifies a strong sense of patriotism, having volunteered for deployment to Afghanistan during his university years. Since embarking on his entrepreneurial journey, he has been dedicated to showcasing Korea's technological prowess and beauty sensibilities to the world. With a vision to achieve success in the largest global market, the US, he led Memebox to become the first Korean company selected by Y Combinator, a top US startup accelerator. In 2019, Memebox was recognized as the 'Most Innovative Beauty Company' by Fast Company, a US business magazine. He has also achieved remarkable feats, including becoming the first partner chosen by Sephora US to launch a new K-beauty brand.

CEO Ha stated, "Based on the successful IPO achieved through our collaboration with Samsung Securities, we plan to reinvest the profits generated overseas back into Korea, contributing to the advancement of the Korean cosmetics industry and laying the groundwork for Memebox to become a globally recognized comprehensive beauty company. Through new investments this year, we will build an infrastructure that enables promising K-beauty brands to export to the US and global markets, and we will expand our hiring of specialized personnel in various fields to take a leading role in the K-beauty ecosystem." He also emphasized, "The global growth potential of K-beauty remains significant," and added, "We aim to export products manufactured entirely in Korea to the global market, contributing to the domestic economy and promoting export activity."

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

Introduction to Memebox

Memebox is a K-beauty company founded by CEO Hyung Seok Ha with a vision to introduce Korea to the world. Headquartered in San Francisco, USA, it is a foreign-invested company. Memebox has secured over $200 million in investments from leading Silicon Valley venture capitalists including Formation 8 & Group, Goodwater Capital, Johnson & Johnson, Pear VC, and Y Combinator. In 2018, Memebox became the first company globally to launch a color cosmetics brand, 'KAJA (Kaja)', through a partnership with Sephora US. Since then, Memebox has focused 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 Official Store: https://kr.memebox.com/

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

Contact
Memebox (MBX)
Global Human Resource Team
Nina Ryu, HR Manager
02-6205-3003