In late November of 2019, Memebox announced that it rebranded as MBX, naming a new executive team to lead the company.
MBX named beauty industry veteran Allison Slater Ray as the new company president, continuing the advancement of customized beauty products. With over 20 years of experience in cosmetics, Ray expressed her excitement in joining MBX as the company’s data-driven approach to bringing distinct and creative brands is incredibly modern and filled with opportunity.
MBX also appointed Hari Seshadri as the new MBX Chief Financial Officer, Marshall Chang as the company’s new Supply Chain Management vice president, Tyler An as APAC’s CSO/head, and Shawn Park as the new creative director.
Meanwhile, in early December, MBX launched a fresh skincare brand with Sephora, a US-based multi-brand cosmetics provider. The new brand uses authentic, vegan ingredients from Korea, adding that it will only use eco-friendly materials for its product packaging.
Johnson & Johnson is the eighth-largest U.S. company based on market capitalization (about 242.4 billion dollars), and is a strong leader in pharmaceutical, medical, cosmetics and consumer goods. In addition, the company operates investment programs such as JJ Innovation and J Labs, as well as JJDC Venture Capital, which finds promising startups and invests in stocks.
This investment is the first strategic investment that Memebox attracted and JJDC noted that Memebox revolutionized current beauty industry through data-based customer-centric thinking. The two companies will explore strategic synergies in a variety of ways by combining Johnson & Johnson’s global business capabilities and R&D technology, consumer insight and quick execution capabilities of Memebox.
Memebox, a top U.S. startup accelerator in 2014, has earned a cumulative investment of $190M USD through the investment of JJDC. Formation groups other than JJDC, Goodwater Capital, and Altos Ventures are participating as major investors in Memebox. Along with best-selling brands such as I’M MEME and PONY EFFECT, Memebox has Kaja, nooni and Shineasyglam, (above are cosmetic brand from Memebox) and is diversifying its domestic and foreign portfolios as a K-beauty brand based on the nation’s latest cosmetics technology. In addition, it has continued to expand its global business since 2014, making overseas business a bigger part of it. In the future, Memebox plans to expand and strengthen its portfolio for each brand through cooperation with its investment, manufacturing and distribution partners in the digital sector.
“Memebox is planning to establish a next-generation brand by utilizing K-beauty’s technical skills. We will also work closely with strategic partners to introduce ‘cult products’ that pursue lifestyle beyond beauty. Memebox is a digital native brand that predicts consumers needs and provides products with a scientific approach. This investment will help Memebox to focus more on innovation and R&D, and ultimately approach global customers.
Ha hyung-seok. CEO of Memebox