K-Beauty products are in great demand worldwide, prompting many global beauty brand distributors to avail them. As per a media report, 7.9 million global e-commerce sellers in the K-Beauty area are most active in digital vertical brand development.
Korea is a beauty product manufacturing powerhouse, with Cosmax and Kolmar driving overseas sales. However, it has been relatively complex for regular sellers with small orders to avail K-beauty brands. Korean startup Maycoders has developed K-beauty digital factory ‘MAYK,’ which helps global buyers directly make manufacturing requests to Korean cosmetic manufacturers. MAYK recently attracted a seed investment of 450 million won from Kakao Ventures.
A platform that helps global K-Beauty distributors
MAYK is a system where customers can place online orders based on ingredients, capacity, and container design. MAYK targets the digital vertical brand supply market, which is expected to reach 2 trillion won by 2025. Although MAYK lacks overseas sales capabilities, it solves the difficulties of both sides by following 10,000 manufacturers who manufacture high-quality K-beauty products and global buyers who are local distribution sellers.
Maycoders is a startup established by a computer science graduate. Through this investment attraction, Maycorders plans to expand the existing distribution network globally and expand the manpower necessary for MAYK development.
Saemi Choi, CEO of Maycoders, said, “We will first expand our distribution network to the six ASEAN countries and the North American market, and based on this, we will convert distribution profits into manufacturing profits.” Wonyeol Jang, chief executive of Kakao Ventures, said, “Maycoders is a team that stands out for enhancing the convenience of Southeast Asian buyers through AI.”
Maycorders is also operating ‘SEOUL4PM ‘, a B2B e-commerce platform between Korean and Filipino companies. The monthly trade volume of the platform is around 100 million won.
Also Read more about K-Beauty,
- K-Beauty brand aggregator B2LiNK Corp. to acquire digital skincare community platform Picky Inc.
- Korean startup Seoul Unniedeul popularising K-Beauty market with unique content platform
- K-Beauty startup SD Networks’ Saint Blanche cosmetics combine skincare with luxury
- Korean startup Spigen Beauty wants to ‘glam up’ the World with K-beauty products