MiiN Cosmetics closes a sweet 2023. The Korean brand founded by Lilin Yang has closed 2023 with a turnover that reached 16 million euros, which has meant an increase of 60% over the previous year.
The Korean cosmetics brand has explained that this increase has been largely thanks to its expansion plan with which it has managed to open ten new shops this year and now has 18 shops in Spain, France, Italy and Germany.
The strength of MiiN Cosmetics in 2023 has been B2B distribution, which has accounted for 40% of its total turnover, 30% has been directly from its point of sale, and the remaining 30% has been thanks to the online channel. According to the company, in 2023, it has managed to distribute a product every 15 seconds.
By 2024, the Korean cosmetics brand plans to open 16 more shops and add new perfumery and make-up products. Lilin Yang, the CEO, explained that the company has exceeded its expectations and has indicated that it is on the right track for continued growth. In the long term, on some occasions Yang has confirmed that MiiN's plans are to reach a hundred physical points of sale in the next five years in the main Spanish and European cities. The company opened its latest boutique in Girona last November, making it the twelfth nationwide.
Last year, the company had a turnover of 10 million euros and this summer the company opened a 400 square metre shop in Barcelona incorporating new Korean manicure and pedicure services, combined with treatments in cabins installed on the upper floor.