K-beauty firm Skinidea develops new brand to target US market as part of expansion plans
![Skinidea has developed a new skin care brand, MDP, specifically to target US beauty consumers. [Medipeel]](/var/wrbm_gb_food_pharma/storage/images/_aliases/wrbm_large/publications/cosmetics/cosmeticsdesign-asia.com/article/2024/05/01/skinidea-develops-new-brand-to-target-us-market-as-part-of-expansion-plans/17362677-1-eng-GB/Skinidea-develops-new-brand-to-target-US-market-as-part-of-expansion-plans.jpg)
This follows the news in February that Skinidea was acquired by Morgan Stanley Private Equity (MSPE).
MSPE secured a 67% stake in the company. According to the press statement, the remaining 33% is held by the brand’s founder.
Moving forward, the goal is to expand the brand further both globally and domestically on the back of the increased interest in skin care and K-beauty.
In addition to the US, the company was also aiming to boost its presence in Japan.
“In terms of market, Skinidea sees high opportunities in untapped markets that have a high presence and response towards K-beauty. Countries that have a large beauty markets like Japan and US will be our biggest target markets," said Kim, director, public relations, Skinidea.
Medipeel potential
The firm will also focus on expanding the international presence of flagship brand MEDIPEEL, which has already established a global presence in the market.
“MEDIPEEL is available in more than 50 countries globally, and the sales growth in global markets specially in Asia and North America is remarkable. MEDIPEEL products are well known for their high-functional features, and these features are the results of MEDIPEEL's continuing efforts to become a Derma Beauty Creator," said Kim.
Alongside its market expansion, the firm is prepared to renew product lines to make it more “appealing” as well as enhance its design features, said Kim.
“Skinidea will continue to enhance brand image and focus on markets with great potential like Japan and US.”
The company also sees an opportunity to develop new products that can meet the needs of local consumers.
“The standard of beauty and health is viewed differently by each market, and so, Skinidea works closely with manufacturers to create customised product lines to match these local demands,” said Kim.
“MEDIPEEL offers various skin care product lineups recognised by global consumers for quality and satisfaction. We'll continue to put a lot of effort into developing quality products for different skin types and purposes.”
Kim told us that MSPE’s decision to invest in Skinidea was driven by the strength of its brands, as well as its fast-growing revenue.
“Fast-growing revenue is the proof of quality products and speedy development of new products that meet the fast-changing needs of consumers. In particular, the revenue doubled between 2019 and 2023, which is a remarkable growth considering the COVID-19 situation.”
