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Sunday, April 14, 2024

Stanford MBA Conducts a Case Study of K-Beauty Startup

Stanford MBA students visit the Memebox's office in Pangyo, Korea

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[Photo Courtesy of Newsis]
[Photo Courtesy of Newsis]

Stanford MBA students visited Memebox to study their global strategy and vision. Memebox is one of successful Korean beauty startup companies.

According to Memebox, 30 students from Stanford MBA visited the office in Pangyo, South Korea, as a part of their curriculum. The attendees were interested in the strategies – particularly data analysis and digital marketing – of the fast-growing K-beauty startup.

“Memebox developed their business model from the market research about cosmetic buyers who are very keen on the trend. I was very impressed by the fact that they collect and analyze the data from numerous online reviews to offer the highest satisfaction to their customers,” said a student.

Memebox is a beauty subscription company. Originally founded in Seoul, South Korea, the business soon moved to Silicon Valley to become an innovative beauty trend leader. The San Francisco-based Korean beauty startup completed Y-Combinator program with the highest academic distinction.

Five years after their launching, the company aggressively expanded the business to U.S., China and Asian countries. Since the foundation in 2012, Memebox has grown 400% every year. This year, the U.S. operations have grown 50% every month. Recording 1200% sales growth in China 490% in the U.S, now Memebox draws attention internationally.

Last year Memebox launched a private brand, I’m Multi Stick, which sold over 14,000 counts in the first two months. Recently the company raised $60 million in funding. Investors evaluated Memebox’s high potential to revolutionize traditional beauty industry.


Original article by The Korea Daily
Translated by Narae Lee