Memebox Gets $66 Million in Funding
As other subscription beauty boxes are faltering, one company has hit a milestone. Memebox, which features Korean products, just scored $65.95 million in Series C funding, WWD reports. How is it succeeding so well? By knowing what customers want before they want it and pivoting direction.
What was once just a sub-box has become a full-scale beauty brand. MemeBox has four of its own product lines, including Pony Effect and I’m Meme, which add up to nearly thirty percent of its U.S. sales. It plans to introduce two more lines this year. “We see more net revenue from our [own] brands than our e-commerce platform,” Hyungseok Dino Ha, cofounder and CEO of Memebox told TechCrunch. “That’s pretty crazy given that the brands have only been alive for a year.”
Memebox considers itself a digital fashion brand, with a major focus on social media (70 million Facebook followers and counting) as well as YouTube. Bloggers and influencers like Samantha Schuerman have collaborated on lines.
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The company, which specializes in tracking beauty-industry and consumer trends, is on track to rake in $150 million in sales this year, according to TechCrunch. “It’s the same way that Netflix knows political dramas are popular and Kevin Spacey is a big-name actor,” Arnold Hur, Memebox president, explained to the publication. “They put it together and make a good new show. So, too, we can use data to understand what customers want [and] identify trends and gaps.”
With the new funds, the company also plans to open retail stores and beef up its online offerings. “We’ve proven that we can generate even more sales on mobile or online when customers enjoy their experiences at our off-line stores,” Hur said to WWD.
This is great news for Korean beauty fans. More products, more presence online and off, and more chances to try out the next big thing.
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