Bmonument’s d’Alba brand is a fast-growing Korean beauty brand (Screenshot captured from its website)
South Korea’s promising beauty and healthcare device startups are looking to go public on the domestic bourse to scale up after gaining popularity among youths in overseas markets.
Unlike their predecessors, which focused on China, the world’s largest consumer market, the so-called second-generation Korean beauty companies have largely launched their products in the US and Southeast Asian markets to bask in the global K-beauty boom.
According to industry sources on Sunday, Bmonument Co., best known for its vegan d’Alba brand, plans to submit its initial public offering (IPO) request to the Korea Exchange in September.
Bmonument has hired Mirae Asset Securities Co. as its IPO manager and plans to list its shares on the main Kospi market.
Bmonument’s beauty products under the d’Alba brand
“Bmonument is making pretty handsome earnings in Korea and abroad. It has great growth potential,” said an investment banking source.
The word d’Alba, meaning dawn in Italian, derives from an Italian sanctuary full of healthy, natural food such as white truffles. Bmonument said it uses white truffles and wholesome natural ingredients in its beauty products for sensitive skin.
Last year, the company posted 34.5 billion won ($25 million) in operating profit on sales of 200.8 billion won.
d’Alba’s mist and sunscreen products have particularly gained popularity among female customers in their 20s and 30s via “word of mouth” campaigns.
The d’Alba brand reaped 44.6 billion won in overseas sales in 2023, with its US and Japan sales posting 10 billion won, respectively.
Bmonument’s beauty products under the d’Alba brand
The brand took the top spot on major online shopping sites globally, including the US, the UK, Canada and Germany. On Japan’s Qoo10 and Rakuten websites, d’Alba Mist ranked top last year.
Bmonument plans to soon take the brand to Vietnam, Indonesia, France and Italy.
MEMEBOX POPULAR ON TIKTOK SHOP
Memebox, a Korean beauty startup, has hired Samsung Securities Co. as its IPO manager.
Memebox is a Korean beauty startup (Screenshot captured from its website)
Established in 2012, the company operates a US e-commerce platform to sell its own cosmetics brand along with a makeup subscription service.
The company’s sales significantly increased after its product video posted on TikTok Shop went viral, particularly among teens and young females in their 20s.
Half of its sales come from overseas markets, including the US and Canada.
Memebox is well known for successfully securing funds from Silicon Valley-based startup accelerator Y Combinator in 2013.
EASYTEM EYES IPO ON KOSDAQ MARKET
Easytem Co., which makes skincare and other beauty devices using thermometer technology, has hired Daishin Securities Co. as its IPO underwriter with a plan to go public on the junior Kosdaq market next year.
Industry officials said Easytem is following in the footsteps of other beauty and healthcare device firms such as LaMeditech Co. and APR Co., which debuted on the local bourse this year.
Easytem is a South Korean beauty and healthcare device maker
The second-generation K-beauty companies have diversified their target markets away from China to the US, Japan and Southeast Asian markets.
First-generation cosmetics firms, including AmorePacific Corp. and LG H&H Co., previously known as LG Household & Healthcare Co., have heavily relied on China, with their business performance fluctuating depending on the geopolitical situations between Korea and China.
By Jeong-Cheol Bae
bjc@hankyung.com
In-Soo Nam edited this article.
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