Memebox Upgrade traditional Retail mode to complete 29 million dollar investment

South Korea is one of the world's largest consumer markets for beauty, and when you walk around the streets of Seoul you will find more local cosmetics stores than Seattle Street cafés.
Selling cosmetics has become a lucrative business for these offline entities, but Memebox, a South Korean start-up based in San Francisco, is committed to moving cosmetics stores online, upgrading traditional retail models, offering ultra-low-discount cosmetics online, and seizing the 500 billion-dollar consumer market this year.
In Wednesday the company announced a successful financing of 29 million dollars, including Yahoo former partner Jerry Yang and formation 8, Goodwater Capital and Pejman Ventures venture. Since its inception in February 2012, Memebox's 80% sales have come from South Korea, and it now hopes to further open up the U.S. and Chinese markets. According to sources, Memebox has earned 50 million of billions of dollars this year, and the company has valued more than $100 million trillion.
Memebox's monthly delivery service model is not novel, and there are Birchbox and other similar startups in the US, but they don't heth the global market from the start like Memebox.
Memebox's CEO, Ha Hyungseok, said: "Women buy cosmetics just as often as men pay for alcohol, and even some of our customers in the US spend more than 10000 dollars on cosmetics in 6 months." People are still quite interested in Korean beauty products. 」
Ha also said it hopes to turn China into the next major source of revenue growth, which has established an office in Shanghai. "China will definitely become our biggest sales market, because in the market there are 90% of Korean beauty products are fakes, and only less than 20% of women have the habit of make-up, the market to cultivate a huge space." 」
Article Source: forbes,tech2ipo/Creative Chen Yu Compilation