One of the Spanish companies that has been able to take advantage of the pull of the k-wave (Korean wave) is Miin Cosmetics.
Born in Barcelona in 2014, she has seen the sector grow from a niche to a trend, a fact that has caused the business to now go through a moment of full expansion.
“We have ten of our own stores and this year we plan to open 16 more. We have to grow so as not to lose the opportunity to be a reference in Europe,” says Lilin Yang, founder of the business that she started when she was 27 years old. She had then moved from China to Barcelona to study Tourism, but upon finishing her studies she decided to start a career in Korean cosmetics seeing the enthusiasm generated among her friends by the products she bought when she visited Seoul. In her entrepreneurial adventure, she convinced Swiss businessman Patrick Zigan and together they started a small store in Barcelona's Eixample Dret.
It was not until recent years, when k-beauty exploded, that Miin Cosmetics began its aggressive local and international expansion. In Spain, the firm has a presence – through its own stores – in the cities of Madrid, Valencia, Bilbao, Seville, Malaga and Zaragoza, and abroad, it has opened establishments in the main cities of France, Italy and Germany.
“We plan to invoice 30 million euros this year, compared to 19.3 million the previous year, which represents a growth of more than 50%,” says the businesswoman, who adds that the business has been profitable practically since the beginning. , generating an ebitda (gross profit) close to 10%.
The growth of the company would not be understood without two other essential divisions of its business: online sales and the distribution of cosmetics to other companies. In fact, this last division contributes 40% of Miin's income, while the rest is divided equally between physical and online sales.
The omnichannel strategy has been key since the beginning of the business. While the physical store serves to teach the public about Korean cosmetics, especially when it was less known, social networks – Instagram and TikTok – have been key to accelerating growth through advertising campaigns with influencers.
The business model that Miin has followed for many years has been to import Korean cosmetic brands. They generally belong to the mid-range, since the brand's objective is to convince the consumer that skin care can be within the reach of most budgets. Among them, the Cosrx, Klairs, Mizon and Benton brands stand out, each of which stands out for specific products, whether made from snail slime, vitamin C, collagen or vegan products. “We have been exporting our cosmetics to Europe through Miin for years and, thanks to its stores, it helps us explain Korean beauty culture to Western consumers,” says Helena Kim, spokesperson for the Klairs brand, which also collaborates with others. dealers.
Currently, the Catalan company has a catalog made up of 35 brands and, before the end of the year, it plans to exceed fifty. The range of brands to choose from is very wide. In the last five years, the number of brands has doubled to more than 28,000, according to data from the South Korean government. The competition is fierce and Europe is an emerging market where they have more opportunities to expand than within the country, where the industry has been established for more years.
In addition to importing brands, Miin has had two of its own cosmetic brands for three years, whose formulation it designs in Barcelona while production is outsourced in South Korea. "Our own brands help us respond to the demands of European clientele, who usually ask for higher concentrations of active ingredients because they are used to products that are more aggressive to the skin, which seek to cure and not so much prevent, when Korean cosmetics advocates contrary".
Interest in Korean cosmetics arises from skin care, but Yang assures that makeup is also popular. What's more, now the businesswoman wants to diversify, importing hair care products and other Korean lifestyle items, such as air diffusers or decorative candles. For Miin, the Korean wave has only just begun.
