Beyond The Headlines: K-beauty tech unicorn moves toward IPO, Jennifer Coolidge unveils “Dirty Pillows” with e.l.f Cosmetics

29 Sep 2023 --- This week in industry news, beauty tech company APR Corporation moved forward with its preparations for an IPO on the Korea Exchange, with a valuation of over KRW 1 trillion (US$744 billion). Jennifer Coolidge reunited with e.l.f. Cosmetics to launch Dirty Pillows, a limited-edition lip collection, inspired by hypothetical lipstick brand names the actress played around with in outtakes of a previous brand commercial skit. Meanwhile, Beiersdorf officially opened its new production center in Leipzig, Germany.

Business activities and launches
Beauty tech company APR filed for a preliminary review on the Korea Exchange on September 22. With the application, APR begins its full-scale preparation for its IPO. After formal approval, the company will go public on the main Korea Composite Stock Price Index market early next year. Since launching its beauty device brand Medicube AGE-R in 2021, the company has recorded sales and operating profit of KRW 259.1 billion (US$193 billion) and KRW 4.2 billion (US$3 billion), respectively, in 2021, APR advanced to a medium-standing company with KRW 397.7 billion (US$296 billion) in sales and KRW 39.2 billion (US$29 billion) in operating profit in 2022. In the first half of this year, the company logged KRW 48 billion (US$36 billion) in operating profit, succeeding its annual operating profit of 2022. For APR’s growth, the company states that its beauty device played a significant role. AGE-R beauty device – comprising six products (Derma EMS Shot, Ussera Deep Shot, ATS Air Shot, Booster Healer, Eye Shot and Body Shot) – “opened a new genre in K-beauty” with cumulative sales reaching over one million units at home and abroad in only two years since launch. 

The Medicube AGE-R device by APR, a Korean beauty tech company valued at over KRW 1 trillion (US$744 billion) (Image credit: APR).Beiersdorf opened its new production center in Leipzig, Germany. In the presence of the Prime Minister of Saxony, Michael Kretschmer and the Mayor of Leipzig, Burkhard Jung, the inauguration of the plant was attended by employees, suppliers and trade partners. The new production center took around two years to construct. The first deodorants “Made in Leipzig” went on the market in the first quarter of this year. As planned, three lines are currently in operation, with two more to follow shortly. Up to 450 million cosmetic products will then roll off the production lines at the new plant each year, including deodorants, hair sprays and shaving foams for the entire European market and for export. With an investment of almost €300 million (US$318 million), the plant in Leipzig-Seehausen is considered Beiersdorf’s largest project in this field and its biggest investment in a single location.

Avon expands its retail presence by introducing its lineup of makeup, skin care and fragrance products in 100 Superdrug retail stores across the UK, starting from October 11 and on the Superdrug website from October 9. Through this move, Avon highlights its efforts to “evolve into a holistic omnichannel beauty brand, aiming to appeal to a broader customer base seeking high-quality beauty products at an attractive price point.”

Brand activities and celebrity partnerships
Actress Jennifer Coolidge reunited with e.l.f. Cosmetics to launch Dirty Pillows, a limited-edition lip collection and campaign debuting September 26, and available for purchase September 27. It was inspired by an outtake from e.l.f. and Jennifer Coolidge’s Big Game commercial shoot when Jennifer was asked what would name her own lipstick if ever given the chance. She jokingly said, “Dirty Pillows” or “Swollen,” which are the monikers e.l.f. put forward when designing Coolidge’s own shade.

Maybelline New York ventured into the virtual world of Roblox through a partnership with Splash. The brand launched a 360-brand campaign that specifically targets the music community within Roblox. Within the virtual world, Maybelline offers virtual makeup looks, mini games and exclusive music, creating an “immersive experience that promotes self-expression.” Maybelline’s “Makeup Your Mix” experiences include the Maybelline New York lounge and Graffiti Room. These virtual spaces provide opportunities for users to trial various products. For instance, users can use Vinyl Ink and Falsies Surreal Mascara to paint graffiti. The campaign introduces six makeup looks, featuring popular Maybelline franchises such as SuperStay Vinyl Ink Lip and SuperStay Matte Ink Lip, as well as new innovations like Falsies Surreal Mascara and Color Tattoo Eye Stix. Maybelline also partnered with virtual DJ Kai to release her latest track, “Fantasy.” Users have the opportunity to remix the song until September 28 and participate in Kai’s listening party. Through gamification and branded activations, users can win and collect a variety of Maybelline merchandise and clothing.

Maybelline New York has entered the virtual world of Roblox through a partnership with Splash (Image credit: Maybelline New York).Hair care brand Schwarzkopf Professional partnered with Bollywood star Jim Sarbh as its official “Mane Man.” In his new role, Sarbh will be representing the brand’s latest signature campaign and showcasing its portfolio of innovative products and technologies. He will also be working with the brand to develop “hair experiences” for Indian consumers.

Loewe Perfumes introduced its newest fragrance promotion featuring actors Greta Lee, Úrsula Corberó and Stephane Bak. They are featured alongside the brand’s signature anthurium flower to celebrate the launch of Aire Anthesis, a new unisex fragrance within Loewe’s Botanical Rainbow collection. The campaign pays homage to “screen test-inspired shots” featuring each of the actors’ ranges of emotion within film. The relaunch of Loewe’s Un Paseo por Madrid collection is also at the center of the new campaign – featuring the newly redesigned bottle with a marble cap.

Social initiatives
BASF and StitchCrew launched the Indigenous Beauty Bootcamp. Inspired by BASF Corporation’s Inclusive Beauty Accelerator, the program will provide hands-on coaching from experienced industry professionals in the personal care space and access to non-dilutive capital to support First Nations, Métis and Inuk (Inuit)-owned brands in Canada while aligning with BASF’s progressive Aboriginal relations strategy. Participants will learn from partners and contributors, including BASF, Brenntag, the Canadian Council of Aboriginal Business (CCAB), StitchCrew and Seneca Polytechnic, to refine their business plans and continue bringing innovative and inclusive beauty products to the Canadian market. Selected participants will receive three non-dilutive grants from BASF (the equivalent to US$10,000 based on the exchange rates at the time the transfer is processed), and the opportunity to have three research student groups from the Cosmetic Science program at Seneca Polytechnic contribute to the development process to manufacture and market a new product. Runner-ups will be awarded with a one-year membership to CCAB.

Loewe Perfumes introduced its latest campaign featuring actors Greta Lee, Úrsula Corberó and Stephane Bak (Image credit: Loewe Perfumes).Building on its eight-year collaboration with Arthouse Unlimited – a charity that represents a collective of artists with complex neurodiverse and physical support needs – Lush partnered with another ten artist groups with their work featuring in its gift wrapping collections. Lush offers a range of gift wrapping paper as well as fabric Knot Wraps, which are intended to replace traditional wrapping paper. The newly introduced artists groups include Venture Arts, Blue Room, Intoart, Project Ability, Artbox, Downs Town Project (formerly Atelier Element Present), Fresh Talent, Rocket Artists, Winchelsea School and Impact Arts.

Estée Lauder global changemaker and Youth Poet laureate Amanda Gorman – who wrote and recited “The Hill We Climb” at Joe Biden’s presidential inauguration – became the first-ever performer on the stage of the PAC New York City’s, US, new cultural hub designed to be a home for emerging and established artists. Gorman’s attendance and performance was in celebration of The Estée Lauder Companies’ (ELC) Writing Change, an initiative co-founded by Gorman and ELC to “advance literacy as a pathway to equality.” On stage, Amanda read her poem “The Miracle of Morning” and promoted the themes of resilience, community and connection. The PAC NYC’s opening event featured a number of celebrities, including Cynthia Erivo, Tiler Peck, Tariq Trotter, Angélique Kidjo and James Taylor.

The Humane Society of the United States, Humane Society Legislative Fund and Humane Society International (HSI) were joined by celebrity advocates on Capitol Hill in Washington D.C., US, to support passage of the Humane Cosmetics Act. TV personality and entrepreneur Lala Kent, alongside actress Tricia Helfer and Lush Cosmetics, urged members of Congress to pass the Humane Cosmetics Act (H.R. 5399), which would end new cosmetics testing on animals and prohibit the import and sale of cosmetics in the US that have been newly tested on animals elsewhere in the world. Kent, Helfer and Lush Cosmetics are also speaking at a reception which will include a screening of HSI’s Oscar-shortlisted Save Ralph for members of Congress.

By Benjamin Ferrer