Beauty Selection Secures 11 Billion KRW Series A Investment

Altos Ventures and Red Badge Pacific Participate
Actively Incorporating Product Feedback Through Influencer Collaboration

[Asia Economy Reporter Kim Cheol-hyun] Influencer commerce startup Beauty Selection (CEO Park Jae-bin) announced on the 29th that it has raised a total of 11 billion KRW in Series A funding.

This investment was led by Altos Ventures, with participation from prominent domestic and international investors such as Red Badge Pacific. Beauty Selection was founded by CEO Park Jae-bin in February 2020 and provides interactive communication-based services with consumers through collaboration with influencers. It has its own beauty, health functional foods, and fashion brands.

Beauty Selection assigns influencers the role of listening closely to and discussing consumers' unmet needs rather than simply advertising products, based on the bond between influencers and their followers. Consumer needs that come in?such as desired products and effects, and dissatisfaction with existing products?are actively incorporated into products through its own brands and acquired companies. This approach has received positive responses from consumers, showing customer metrics such as an average purchase price of 100,000 KRW, an average repurchase rate of 80%, and a return rate of 0.2% from 2020 to the present. Last year's annual sales reached approximately 30 billion KRW.

Song Kyung-chan, partner at Altos Ventures who led this investment, said, "With the diversification of SNS and digital advertising, customers are paying attention to a new commerce market where products are purchased based on trust in influencers rather than offline stores or famous brands." He added, "Beauty Selection is creating a virtuous cycle by quickly incorporating customer feedback and improving product quality through close cooperation with an exclusive influencer network, transforming the relatively undervalued influencer commerce market into a 'trustworthy structure,' which led us to decide on this investment."

This content was produced with the assistance of AI translation services.