[Asia Economy Reporter Jang Hyowon] CareLabs, a mobile health and beauty care platform specialist company, is set to drive the growth of Korea’s No.1 beauty platform ‘Babytalk’.
On the 17th, CareLabs announced that it has decided to carry out a simple physical division to establish a new 100% wholly-owned subsidiary by merging the beauty care division, which includes the beauty platform ‘Babytalk,’ and the social network division operating the dating app ‘Dangyeonsi.’
The scheduled date for the division is May 1st, and the newly established company will be incorporated as a consolidated subsidiary wholly owned by CareLabs. The company plans to begin the full IPO process soon after the independent management system stabilizes, including selecting a lead manager for the newly established subsidiary.
A CareLabs official stated, “Since last year, Babytalk has been expanding its overseas market presence beyond Korea, focusing on Southeast Asia including Thailand and Vietnam. Its recent five-year average sales and operating profit growth rates are 26% and 51%, respectively, accelerating performance growth based on profitability. The dating app ‘Dangyeonsi’ has also entered a remarkable growth phase recently, driven by increased demand for non-face-to-face lifestyle platforms. As Babytalk firmly holds the No.1 position in the beauty care platform industry, where recent corporate valuations have reached up to 100 billion KRW, we expect this physical division to fully recognize its corporate value.”
Previously, in May last year, CareLabs carried out a physical division to maximize the business growth of ‘Goodoc,’ Korea’s No.1 non-face-to-face healthcare platform, incorporating Goodoc Co., Ltd. as a 100% consolidated subsidiary. Goodoc has continued smooth business operations, including the upcoming launch of ‘Goodoc Pass,’ Korea’s first mobile vaccine passport service related to COVID-19.
Through this physical division of the Babytalk and Dangyeonsi divisions, CareLabs aims to strengthen expertise by establishing independent business systems for its subsidiaries, while serving as a control tower for the digital health and beauty care platform business. The company plans to enhance its strategic responsiveness to changes in the online business management environment in various ways.
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