MEMEBOX

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MEMEBOX

Company current outlook

• Achieved break-even in third month of business
• Continue to grow in revenue
• Receiving funds from investors
• Long-term partnership agreement
• Partnership with 300 beauty suppliers and manufacturers
• Shipped to over 36 countries

Their position is also bolstered by a long-term partnership agreement with powerful local partners, such as CJ E&M, a major media channel in Korea. This, combined with their existing partnership agreements with over 300 beauty suppliers and manufacturers in Korea, makes their expansion plans seem very realistic, as long as logistical issues can be resolved effectively.

Memebox ships to 36 countries: Australia, Austria, Belgium, Brazil, Bulgaria, Canada, China, Croatia, Czech Republic, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Israel, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Russian Federation, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, Ukraine, United Kingdom, USA, Vietnam.

Company Business Strategy

• Reduce start up cost

Hire interns

Disregard engineers and designers

• Focus on sales, partnering with good brands
• Speed
• Cheap and effective marketing tactics
• Eliminate conventional subscription

In an interview, Memebox's CEO mentioned that the US customers tend to think that Asian companies have better skincare product. Up to date, despite with a minimal marketing and sales presence, they have 10,000 sales customers across USA. They have since used Asian branding and image as their selling point as well as Famous brand Cosmax brand to fill their boxes. By partnering with great brands like Cormex. They are able to utilise cheap marketing tactics. for example: using word of mouth and riding on the branding of bigger cosmetic product names.They engage in Facebook and twitter to actively promote their product. Samples are sent to bloggers to review regularly. They even entered a partnership with Korean talkshow : “ Get it Beauty” and at the same time Korean international star PSY to be part of their product in one of their MEMEBOX editions.

They have already partner Y Combinator in USA to accelerate their expansion plans in USA. In the initial phase, speed was their focus. They wanted to push out their products as soon as possible.

In order to reduce cost in Memebox, Memebox do not hire engineers and designers. They do outsource e-commerce ,marketing collaterals. They.They had sales in mind and only hired sales people from the start to drive their sales.

Challenges

• Initial challenges

Building a user-friendly e-commerce website. "Website looked like crap."

Finding good brands for partnership

Managing cash flow

• Current challenges

Expansion overlapping large corporations

Current competitors

Analysis

Future Growth for MEMEBOX?

• Create own Memebox beauty products

Products in our Memebox branded collection currently include basic cosmetic items such as face brushes and cotton pads. We seek to expand this range, and Memebox's private collection will be an online-and-mobile-exclusive label.

• Partnership with Y Combinator, further expansion in USA

It’s the first Korean company accepted into the Y Combinator program recently this month .Y Combinator is an American seed accelerator, started in March 2005. Y Combinator provides seed money, advice, and connections at two three-month programs per year.

• Global expansion

Memebox has more than 100,000 users and is past the preparation stage, and is now ready to execute their global expansion strategy. After Japan, their next target market is Thailand, and later the rest of Southeast Asia..

Recommendations

• Expanding to retailers to sell Memebox
• Social media campaign to market within SEA
• Setting up virtual store near shopping malls, subway stations