APR Corp: The New Powerhouse in Korean Beauty Worth $5.8B After Q2 Triumph
APR Corp, a South Korean beauty device company, has recently made headlines. Its stock soared 11% following an exceptional second-quarter earnings report. This surge pushed its market value to nearly $5.8 billion, surpassing industry leader Amorepacific. The company’s operating profit more than tripled compared to the previous year, reaching a staggering 84.55 billion won.
The success of APR Corp is largely due to the surging overseas demand for its high-tech facial devices and cosmetics. International markets account for a whopping 78% of total sales. The United States alone contributes to 29% of revenues, making it the company’s largest overseas market. The firm’s flagship brand, Medicube, has gained celebrity endorsements from the likes of Hailey Bieber and the Kardashian family.
The driving force behind this success is 36-year-old founder Kim Byung Hoon. He has become South Korea’s newest billionaire, owning a 31% stake in the company. APR Corp has set itself apart from traditional K-beauty brands by leveraging TikTok marketing and producing sleek beauty tech devices that promise spa-like treatments at home.
Source: Business of Fashion