Memebox Posts First Profit in 2024, Accelerates Global Expansion

Global beauty company Memebox has finally achieved its first operating profit in 2024, setting a new milestone. Its adjusted operating profit (EBITDA) recorded 2.2 billion won, and its annual profit margin is also showing remarkable growth. This achievement is the result of a combination of efforts to strengthen its distribution network in the U.S., optimize local marketing strategies, continuous sales growth, and proactive business structure improvements. Particularly noteworthy is its retail-centric strategy in the U.S. market. Memebox first secured a premium customer base through beauty specialty retailers Sephora and Ulta, and recently successfully expanded its customer reach by extending distribution to large channels such as Walgreens and Nordstrom Rack. Entry into Target and CVS is also underway, and it is currently establishing a strong presence across the U.S. by entering more than 10 retailers. This strategy of expanding retail partnerships simultaneously drives brand awareness and sales in the U.S. market, solidifying its influence in the North American market. Since its early days, Memebox has attracted over $200 million in investments from leading Silicon Valley investors, recognized for its potential in the global market. Prestigious investment firms such as 8VC, operated by Palantir co-founder Joe Lonsdale, along with Goodwater Capital, Altos Ventures, SparkLabs, and Y Combinator, had bet early on Memebox's growth potential. Approximately 90% of its total revenue comes from overseas, with North American sales accounting for over 65%, which is an unparalleled level among domestic companies. Its strategy of encompassing both online and offline channels, going beyond mere online presence, is even more encouraging. The recent strategic partnership with Silicon2, Korea's top K-beauty distributor, is expected to give wings to its efforts to strengthen its market dominance in North America. CEO Ha Hyung-seok stated his ambition, saying, "Building on our success in the U.S. retail market, we will leap forward to become a leading company in the global beauty market," and expressed gratitude for the long-standing efforts and investments, adding, "We plan to accelerate business expansion and new business development not just in the U.S. but on the global stage."