Investment firm Barlon Capital has acquired a 15% ownership stake in MiiN Cosmetics marking its first strategic partnership. MiiN Cosmetics stated that Barlon Capital is renowned for supporting the Spanish entrepreneurial community and has previously invested in companies like Vicio and GoodNews. Led by Javier Rubió and Dídac Lee, representatives from Barlon Capital will now join the board of directors of the Barcelona-based cosmetics company, founded in 2014.
Lilin Yang, founder and CEO of MiiN Cosmetics explained that this is an important step for the company: “We have managed to incorporate one of the most active investment vehicles in the sector in Spain and one of those that can contribute the most to a company like ours. The entry allows us to strengthen our financial muscle, and incorporate profiles such as Javier and Dídac Lee, as board members and advisors, which will undoubtedly provide us with knowledge, experience, and an ambitious strategic vision that will allow us to continue on the path of growth and achieve every one of the goals we set for the future”.
In early April, MiiN Cosmetics announced the inauguration of a new store in San Sebastian, located in the Basque Country. Following this, the company has recently opened another physical retail outlet in Santander.
The specialized Korean cosmetics retailer experienced significant growth in the 2023 fiscal year, with a turnover exceeding €15 million, marking a more than 60% increase compared to the previous year. Its B2B distribution constituted 40% of the total turnover, while sales from physical stores and online platforms each contributed 30%.
With Barlon Capital’s involvement, MiiN Cosmetics aims to expand its retail footprint, planning to launch a total of 16 stores by 2024. The Korean cosmetics company aims to expand its retail presence to 100 stores by 2028 while also exploring opportunities to introduce its proprietary brands to new markets. Additionally, the company has diversified its product offerings to include hair care, and it intends to further expand into color cosmetics and perfumery items.
Liliin Yang, a representative from the company, revealed plans to introduce its proprietary brands Beauty 36.5 and Meisani into the US market. By the end of 2024, MiiN Cosmetics aims to have 50 brands in its portfolio, up from the current 35.
