Its recent successes are propelling the company to seek out new areas to drive further growth.
The company said it plans to start carrying out brand activities in the Middle East and Africa this year.
“I’m personally experiencing the expansion of K-Beauty's influence alongside K-Entertainment and K-Content. We will find mega markets that have plenty of room for growth and expand them further in the future,” said Park Soungho, the founder and chief executive of Wishcompany.
Last year, Wishcompany’s performance in Norway and Sweden were the most significant, with sales recording year-on-year growth of 150% and 95.3% respectively.
Additionally, during Black Friday, it saw a 36% increase in sales compared to the same period last year.
It achieved its best ever performance during the sales in the US through Amazon.
It also recorded strong sales in countries including Vietnam, Russia, Japan, and Sweden during the sales.
The firm also experienced positive results in Asia. It reported that sales in India grew by 43.2%, highlighting the potential of its rapidly developing market.
CosmeticDesign-Asia previously reported a growing demand for K-beauty in India, as observed by leading beauty retailer Nykaa.
Wishcompany also highlighted that Dear, Klairs, its flagship brand, experienced growth of 26% in Vietnam.
This was largely due to its launch on TikTok Shop in Vietnam last year, where it broke the platform’s record for highest sales.
These helped to drive the brand’s overall growth by 17% year-on-year.
New growth opportunities
The company said these results were “confirming the potential for growth in regions with low K-Beauty market presence”.
The growth it experienced made 2023 a record-breaking year for the Seoul-based beauty company. Overall, it achieved KRW72bn (USD53.9m) in sales, a 30% increase compared to the previous year.
In 2023, the company focused on establishing footholds in new markets, especially in Europe last year.
One of the most notable moments was launching the brand in French department store Galeries Lafayette.
These expansions were “laying the groundwork for growth in the future”, said the company.
It currently has over 1,000 online and offline touchpoints globally.
According to the firm its home market saw sales increase by approximately 22% as it expanded it sales channels.
In addition to Dear, Klairs, Wishcompany also owns skin care brands By Wishtrend and Elmt.
By Wishtrend recorded growth of 56% last year which the company attributed to the launch of its Vitamin A-mazing Bakuchiol Night Cream.
The development of this product was influenced by the demand for bakuchiol, known as a plant-based retinol.
