E-Commerce

Time to say buy, buy: $10M for beauty and skincare

October 12, 2022
Konvy

All about beauty. Meet Konvy! They're Thailand's leading beauty e-commerce firm. Oh, and they've just raised a $10M Series A from Insignia Ventures Partners!

  • Founded ten years ago, they carry over 1,000 brands, representing over 20,000 different products.
  • This is Insignia's first investment in Thailand.

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πŸ₯Ύ Unstrapping the bootstraps

They were bootstrapping until last year when they raised a seed round from Alpha Founders Capital and ECG Research (formerly ECG Venture Capital).

  • They recorded annual revenue of about $32M last year.

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πŸ’„ How it works

Their main platform is their website, which was launched in 2012. They sell global and local beauty brands, including everything from skincare and makeup to perfume and haircare!

  • Their brand portfolio includes top global brands like L'OrΓ©al, Shiseido, Sulwhasoo, Eucerin and La Roche-Posay.

Omnichannel's the way to go. They also sell products at their 800+ offline retail stores, as well as on online platforms like TikTok, Lazada and Shopee.

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πŸ† The goal?

Konvy's here to help local and international beauty brands take advantage of two major trends:

  • Thai consumers prioritize spending on health and beauty.
  • Thais love using social media and buying things online, with young Thais spending nearly 3 hours daily on social media.

This way, they'll be the go-to distribution channel for international and local beauty brands that want to sell in Thailand.

  • The Thai beauty, health, personal care and household market was estimated to be around $4B in 2021 β€” and is expected to hit $6.4B in 2025.

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πŸ’° What's with the $$$?

They'll be laser-focused on speeding up the growth of their omnichannel and international distribution to support more health and beauty brands. Oh, and they'll be growing the team too!

  • They'll also build more physical stores, develop in-house brands and expand in SEA!

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