MiiN Cosmetics closes the fiscal year of 2024 with 25 million euros in revenue (excluding VAT), which represents a growth of about 63% compared to the previous year. The brand's success is due to its ambitious expansion plan, which has allowed it to add 20 openings this year, building a network of 40 boutiques across Spain, France, Italy, and Germany, countries where it plans to continue expanding with 20 more stores in 2025. Looking ahead to this new fiscal year, the brand aims to expand its catalog with 80 new brands, incorporating new products in skincare and makeup, as well as body care and perfume brands.
Lilin Yang, co-founder and CEO of MiiN Cosmetics, states that "this year has been one of the most special years for the company. We have celebrated ten years since I embarked on this adventure, and I couldn't be happier with the results with which we close the year. In the previous year, we reached a revenue of 16 million euros (excluding VAT) and have exceeded our projected forecast. I believe these figures reflect all the effort and work we do to bring innovative and high-quality products. There is still much to improve, but the good results show us that we are on the right track”.
MiiN Cosmetics has exceeded its forecasts for 2024 with the opening of 20 new stores: 10 in Spain, 9 in Italy, and 1 in France, which encompasses a network of 40 boutiques in Europe. Digital growth has also been a key pillar, with a community of over half a million followers on social media globally. In this regard, the company has launched its own podcast channel, “Here is kimchi.”
The brand has started the year by announcing its first ambassador initiative in collaboration with entrepreneur, presenter, and influencer, Laura Escanes. With this campaign, MiiN Cosmetics aims to raise awareness in its community about the importance of self-care, both inside and out.
Another notable point for the company in 2024 is the growth of its workforce. In this regard, MiiN Cosmetics has grown to over 275 professionals, including experts in operations, retail, and communication.
Expansion and enhancement of its product catalog
One of the brand's priorities for this year is to continue scaling its retail line. In this sense, MiiN Cosmetics plans to continue its expansion with the opening of 20 new stores, including entry into Portugal. This growth will be supported by an increase of around 130 people in its team, particularly highlighting the expansion of its retail area, as well as growth in key areas such as marketing, IT, purchasing, and logistics.
In line with its diversification strategy, the company plans to expand its portfolio to reach 150 brands before Black Friday 2025, with a special focus on makeup, body care, hair care, and perfumes, including brands like DR.JART, MISXOON, ANUA, ABIB, or MEDICUBE.
In this regard, the company has incorporated Medicube's facial devices into its category, ideal for techniques such as microneedling or electroporation. These devices have gone viral thanks to content from renowned entrepreneur and content creator, Hailey Bieber.
After celebrating its tenth anniversary, MiiN Cosmetics faces a new year as a consolidated brand and a reference in Korean cosmetics, after bringing K-Beauty to all of Europe. Looking ahead to 2025, its goal remains to lead the sector and become a one-stop shop, which means offering a wide range of categories in one place.