MiiN Cosmetics enters Barlon Capital and puts an end to its self-financing model. The new partner of the company has acquired a 15% stake in the company dedicated to the sale of Korean cosmetics products and becomes the first strategic partner of the company.
Barlon Capital, as MiiN Cosmetics explained, is one of the vehicles characterised by helping the Spanish entrepreneurial ecosystem and has invested in companies such as Vicio and GoodNews. It is led by Javier Rubió and Dídac Lee, who will join the board of the cosmetics firm founded in 2014 in Barcelona.
Lilin Yang, founder and CEO of MiiN Cosmetics explained that this is an important step for the company: "We have managed to incorporate one of the most active investment vehicles in the sector in Spain and one of those that can contribute the most to a company like ours. The entry allows us to strengthen our financial muscle, incorporate profiles such as Javier and Dídac Lee, as board members and advisors, which will undoubtedly provide us with knowledge, experience and ambitious strategic vision that will allow us to continue on the path of growth and achieve each and every one of the goals we set for the future". Barlon Capital, for its part, indicates that MiiN Cosmeticas has been a perfect fit due to its exponential growth trajectory.
At the beginning of April, MiiN Cosmetics made official the opening of a new shop in the Basque Country, in San Sebastian, and now it has also opened another new physical point of sale in Santander.
The shop specialising in Korean cosmetics closed the 2023 financial year with a turnover of more than 60% compared to the previous year. Turnover exceeded fifteen million euros and its main strength was B2B distribution, which accounted for 40% of its total turnover. Thirty percent is due to sales in its physical shops, while 30% is due to online sales.
Now, with the entry of Barlon Capital, it expects to open a total of 16 shops by 2024 and has added products related to hair care, although it also expects to add more colour cosmetics and perfumery products. Liliin Yang explained that one of the company's plans is to launch its own brands Beauty 36.5 and Meisani in the US market and to end 2024 with 50 brands compared to the 35 it has now.