The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    SHINee celebrates 15th anniversary of debut: 'It feels surreal'

  • 3

    Korea eyes launch of 4th Nuri space rocket in 2025

  • 5

    Hybe's new boy group Boynextdoor aims to be 'one and only' presence in K-pop

  • 7

    Japanese destroyer flies controversial flag as it arrives in Korea for joint drill

  • 9

    Vietnam emerges as major market for Korean chipmakers

  • 11

    ANALYSISChina's ban on Micron tests Washington-Seoul alliance

  • 13

    Top 20% of income earners fuel increase in Q1 consumption as pandemic ends

  • 15

    'Transformers: Rise of the Beasts' raises bar with epic battle scenes

  • 17

    POSCO International enters battery materials business

  • 19

    Biden, McCarthy reach final deal to prevent default, now must sell to Congress

  • 2

    ENHYPEN reaches new career high with latest album 'Dark Blood'

  • 4

    Memorial Day 2023

  • 6

    Korea's household debt-to-GDP ratio highest among 34 major economies

  • 8

    Seoul on alert over Pyongyang's imminent spy satellite launch

  • 10

    Brave Girls to restart activities under new name

  • 12

    Korea's diplomacy put to test amid signs of thaw in US-China relations

  • 14

    Local governments appeal to young generations through YouTube

  • 16

    Police brace for massive union protest

  • 18

    SC Bank Korea promotes high-interest Jaeil EZ Account

  • 20

    Newly reopened Skunk Hell hosts punk wedding concert

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
Wed, May 31, 2023 | 03:56
Memebox CEO seeks to help globalize K-beauty products
Posted : 2014-09-15 17:37
Updated : 2014-09-15 17:53
Bahk Eun-ji
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Ha Hyung-seok
Ha Hyung-seok


By Bahk Eun-ji

It's been three years since Ha Hyung-seok, the 30-year-old CEO of Memebox, set up the company selling an assortment of beauty products.

To offer the best Korean cosmetics products to global consumers, Ha entered the company into the U.S. market last year and set up its head office in Silicon Valley, a dream location for startups.

Memebox (pronounced "mimi;" "mi" means beauty in Korean) is similar to Birchbox, a New York City-based online monthly subscription service from which people can purchase a box of several selected cosmetic samples or other beauty products.

Subscribers to Memebox pay around 16,000 won ($15) per month and get a variety of makeup products worth 70,000 to 80,000 won.

It now has more than 300,000 subscribers both at home and abroad, with about 1,000 customers who sign on for the service daily. About 20,000 subscribers live in the U.S.

Its sales rose to 5 billion won last year from 1 billion won in 2012. Memebox offers 680 kinds of Korean brand cosmetics.

Ha said the Korean company targets a niche market in the cosmetics business.

"Cosmetic trends are changing rapidly and dozens of new products are pouring into the market every day. Memebox focuses on new products and giving customers the opportunity to use them," Ha said.

Ha said he developed a strong sense of how to create and promote a brand and its products during a stint as a public relations official at Tom Ford.

He graduated from the Parsons School of Design before he got a job at Tom Ford. Later, he moved back to Seoul and worked for TicketMonster in Korea.

He said the samples eventually prompt customers to buy regular products. Ha also runs an online cosmetics shopping mall, together with Memebox.

"I think it has been successful so far, because the business model of Memebox has created cycle in the distribution system of cosmetics; from customer's first experiences to them making purchases," he said.

Memebox is the first Korean startup accepted into the Y Combinator program. Y Combinator is a startup accelerator that provides seed money to early-state startups. It decided to invest $100,000 in Memebox in March.

The company also won a grand prize at a competition hosted by the Ministry of Science, ICT and Future Planning in July.

"Memebox is the first company to receive funds from Y Combinator, and it means the business model is reliable even in the global market," Ha said.

He is determined to grow the company into a representative cosmetic distribution channel in the global market, as well as in the domestic market.

"By doing so, I hope the service will provide the best opportunity to promote Korean cosmetic brands globally," Ha added.

Emailejb@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1Korea to ease immigration rules to attract more medical tourists Korea to ease immigration rules to attract more medical tourists
2Big businesses face growing union pressure to extend retirement age Big businesses face growing union pressure to extend retirement age
3Anti-corruption watchdog set to investigate crypto assets of lawmakersAnti-corruption watchdog set to investigate crypto assets of lawmakers
4HanmiGlobal to monitor building of 80,000 houses for Neom construction workers HanmiGlobal to monitor building of 80,000 houses for Neom construction workers
5Naver suffers shrinking online search market share Naver suffers shrinking online search market share
6Running convenience stores becomes popular among people in 20s, 30s Running convenience stores becomes popular among people in 20s, 30s
7Sluggish exports behind weak Korean wonSluggish exports behind weak Korean won
8Seoul resident clashes with authorities for raising dogs to nab 'North Korean spies'Seoul resident clashes with authorities for raising dogs to nab 'North Korean spies'
9Doctors, pharmacists to receive 30% bonus for offering telemedicine service Doctors, pharmacists to receive 30% bonus for offering telemedicine service
10SK hynix enters validation process for 10 nm DDR5 server DRAM SK hynix enters validation process for 10 nm DDR5 server DRAM
Top 5 Entertainment News
1'Elemental' director on bringing his personal story of immigration to cinema 'Elemental' director on bringing his personal story of immigration to cinema
2SHINee celebrates 15th anniversary of debut: 'It feels surreal' SHINee celebrates 15th anniversary of debut: 'It feels surreal'
3ENHYPEN reaches new career high with latest album 'Dark Blood' ENHYPEN reaches new career high with latest album 'Dark Blood'
4'Transformers: Rise of the Beasts' raises bar with epic battle scenes 'Transformers: Rise of the Beasts' raises bar with epic battle scenes
5[INTERVIEW] Long-awaited extension of Korean Pavilion at Venice Biennale to be pushed forward INTERVIEWLong-awaited extension of Korean Pavilion at Venice Biennale to be pushed forward
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group