"Pia will leap forward as a company that enhances the status of K-beauty through planning capabilities that can lead rapidly changing cosmetics trends."
On the 27th, Park Kwangchun, CEO of the cosmetics specialist company Pia, held an online corporate briefing attended by key executives and announced the company's future strategies and vision.
CEO Park Kwangchun added, "We will continuously create steady sellers that embody the brand's identity and establish Pia as a global beauty company that solidifies its presence beyond Korea to overseas markets."
Founded in March 2004, Pia is a cosmetics specialist company that has led the K-beauty market for about 20 years through outstanding planning capabilities. The company operates four brands: the unique color cosmetics brand 'Pia,' the base makeup brand 'About Tone,' the basic skincare brand 'Edit B' targeting Generation Alpha, and the daily makeup brand 'Eglips' that emphasizes practicality. Each brand plans and sells products that align with its concept and philosophy.
Pia possesses excellent product planning capabilities that quickly read the rapidly changing cosmetics market trends and consumer needs and reflect them in products. Through outstanding product planning, Pia has achieved cumulative sales of over 5 million units in various product lines such as Last Auto Gel Eyeliner, Last Powder Lipstick, Last Velvet Tint, and Downy Cheek.
In particular, the Last Velvet Tint has achieved cumulative sales of over 11 million units since its launch, firmly establishing its position as Pia's representative steady seller to this day. Additionally, the Ro Tint, launched last year, was introduced in over 240 Olive Young stores nationwide and ranked first in the lip tint category on major domestic beauty platforms such as Glowpick and Powder Room, proving high consumer preference.
This core competitiveness of Pia has translated into business performance, recording sales of 37.9 billion KRW and operating profit of 6.4 billion KRW on a separate basis in last year's preliminary settlement, showing strong results. Notably, about 59% of total sales come from overseas, demonstrating product excellence recognized not only domestically but also internationally, maintaining a steep sales growth trend.
Through this listing, Pia expressed its ambition to become a total cosmetic company leading indie brands. To this end, it unveiled growth strategies such as ▲ steady seller rebranding ▲ product portfolio diversification ▲ acceleration of overseas expansion.
First, through rebranding steady seller products, Pia plans to continuously maintain strong sales momentum. Instead of using pre-molded (standard containers) provided by existing OEM companies, it will materialize Pia's unique aesthetics by using customized cases designed in-house.
The Ro Tint, launched last year, already received high consumer response by being released in self-designed containers, and by adding marketing strategies such as collaboration product launches and employing specialized models for each brand, Pia plans to transform from a cost-effective brand to a value-driven brand.
The rebranding strategy does not stop there. As eco-friendly consumption trends continue, the vegan cosmetics market is also steadily growing. To align with this growth, Pia plans to conduct rebranding based on low irritation, eco-friendliness, and ethics from the development stage to packaging. The Last Velvet Tint, which has recorded cumulative sales of over 11 million units since its launch in 2016, recently obtained vegan certification and underwent package renewal, showing a 118% increase in sales compared to the previous year as of 2022. The company plans to continue obtaining vegan certifications and aims to achieve a vegan certification rate of over 70% by 2025, laying the foundation for sustainable growth.
Product portfolio diversification will also be intensified. Pia plans to focus on diversifying its product portfolio by establishing the unique identity of each brand, setting different personas for each brand, and releasing products quarterly. As a cosmetics category killer company, Pia plans to expand its business area by securing product lines covering all areas from color cosmetics to basic skincare. While its existing business area was more specialized in color cosmetics, basic skincare products will be launched through the Edit B brand, exploring business diversification and various growth opportunities. In the future, Pia will also strive to enhance brand awareness among consumers through marketing strategies such as omni-channel approaches.
Based on these strategies, Pia will also accelerate its entry into the global market. It plans to implement country-specific sales strategies and continuously secure new distribution channels through strategic partnerships with local distributors strong in distribution, aiming for higher growth.
Meanwhile, Pia is scheduled to be listed on the KOSDAQ market on April 25 through a merger with 'Shinyoung SPAC No.7' via a SPAC dissolution method.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
