Popular 'Joseon Minyeo' Also Hits Overseas Markets... "Sales Increase More Than 4 Times" [Hipple Hiptem]

Interview with Cheon Ju-hyeok, CEO of Gudai Global
After Joseon Beauty, TIRTIR and Amazon Sensation
"Sales to Quadruple This Year"

Last month, the Korean cosmetics brand TIRTIR's 'Mask Fit Red Cushion' ranked first in the beauty category on Amazon, the world's largest online shopping mall. This achievement came just one year after TIRTIR entered the North American market. The Mask Fit Red Cushion was launched in 30 shades targeting the diverse American market, and sales surged explosively after Dalsy, a Black American beauty creator with 3.26 million subscribers, posted a Shorts video on her YouTube channel on May 24. TIRTIR is a mid-sized cosmetics company acquired by Gooday Global, which also developed the famous 'Beauty of Joseon' sunscreen that ranked first on Amazon, for 150 billion KRW in April.

Cheon Joo-hyuk, CEO of Gooday Global, recently told Asia Economy in a phone interview, "TIRTIR's sales proportion outside Japan in global markets has been steadily increasing, and next year it is expected to surpass sales in Japan." He added, "This year, we estimate sales of 300 billion KRW each for Beauty of Joseon and TIRTIR, totaling 600 billion KRW."

Considering Gooday Global's sales and operating profit of 140 billion KRW last year, this represents more than a fourfold increase in sales this year.

Since the beginning of this year, CEO Cheon has been actively acquiring small and medium-sized beauty companies. Following TIRTIR, last month Gooday Global acquired the management rights of the color cosmetics brand Laka for 42.5 billion KRW. It is reported that Gooday Global was recently selected as the preferred negotiator for the management rights sale of Craver Corporation, which operates the skincare brand 'Skin1004 (Skin Angel)' and the platform BCC Korea. The investment funds were raised through profits earned from Beauty of Joseon. CEO Cheon said, "We secured funds using the money earned from operating Beauty of Joseon until last year and acquisition financing," adding, "If there are good brands, we are willing to acquire them."

'Beauty of Joseon' Sunscreen Followed by 'TIRTIR' Cushion... Dominating US Beauty Market

Gooday Global gained recognition as the Korean cosmetics brand Beauty of Joseon achieved a so-called 'big hit' in the global beauty market. Beauty of Joseon was a product CEO Cheon distributed in China in 2015, and he acquired it in 2020 when it was put up for sale. CEO Cheon changed the product concept to 'modern herbal cosmetics' and headed to the United States. He judged that Korean cosmetics with herbal ingredients could attract attention in the untapped US market.

CEO Cheon's prediction was correct. Beauty of Joseon's 'Clear Rice Sunscreen' became number one in Amazon's beauty category thanks to the novelty of herbal ingredients, affordable price, and aggressive marketing through influencers. Gooday Global's sales of Beauty of Joseon have shown explosive growth every year, starting from 100 million KRW in 2020, 3 billion KRW in 2021, 40 billion KRW in 2022, and 140 billion KRW last year. This year, sales are expected to reach 300 billion KRW.

CEO Cheon explained, "Rather than expanding the number of countries we enter, we focus on deeply penetrating the market," emphasizing localization (adjusting products or services to fit the country). On Amazon, Beauty of Joseon's 'Revive Eye Serum' is an emerging product. It is gaining attention among US consumers as interest in basic skincare grows, praised for its affordable price, high moisturizing power, and significant wrinkle improvement effects.

The beauty industry is paying close attention to the effects of Gooday Global's acquisition of TIRTIR this year. TIRTIR was founded by CEO Lee Yoo-bin in 2017. In September last year, Lee sold 49.98% of her shares to The Ham Partners, and in April, Gooday Global acquired them again. TIRTIR gained fame for its 'water-glow cosmetics' that give the face a radiant look. Products like the water-glow mask and porcelain cream sold like hotcakes in Japan, with sales soaring from 40 billion KRW in 2021 to 170 billion KRW last year. Last year, TIRTIR incorporated 'D&ACE,' a company selling cosmetics in Japan, as a 100% subsidiary.

TIRTIR, ‘TIRTIR Ceramic Peptifill Cream’

CEO Cheon emphasized, "Since last year, we have targeted the US, Europe, and other markets, and recent concrete results have emerged, so we plan to focus on these areas going forward."

Regarding Laka, which Gooday Global acquired last month, sales growth seems difficult to expect in the short term. CEO Cheon said, "Laka is still in the early stages, so we are internally assessing it."

He firmly stated about the recent speculation on Gooday Global's initial public offering (IPO), "There is absolutely no possibility of listing within a year."

Meanwhile, besides TIRTIR and Laka, Gooday Global is also investing in the beauty brand 'House of Her Korea' and sales platforms 'FitK' and 'Kaine.' As of the end of last year, Gooday Global's investable securities (investment amount) reached 11 billion KRW.