Manyo Co., a prominent naturalism cosmetics company from South Korea, has announced a significant partnership with Costco, planning to distribute its best-selling Pure Cleansing Oil to around 300 of the retailer’s stores in the U.S. starting in July. Manyo’s CEO Yoo Geun-jik expressed optimism about this expansion, aiming to double the company’s U.S. sales.
Introduced in 2013, the Pure Cleansing Oil has become Manyo’s most popular item, contributing to 51% of its total sales in the previous year. The company, which was founded in 2012, boasts a diverse portfolio of brands, including Ma:nyo, Banilla Boutique, Our Vegan, and No Mercy, spreading its presence across 65 countries.
Manyo’s financial growth has been striking, with operating profit in 2023 surging to 15.9 billion won ($11.5 million) from 2019, and sales nearly quadrupling to 105 billion won in the same period. This growth trajectory is supported by an aggressive global marketing strategy, which includes a planned expenditure of about 20 billion won on marketing efforts in South Korea, the U.S., and Japan.
Furthermore, Manyo is not only expanding through physical retail channels such as Ulta Beauty stores in the U.S. but also through online platforms including Amazon, Shopee, Qoo10, and Rakuten. This comprehensive approach is aimed at capturing a larger share of the global beauty market, with a particular focus on the burgeoning clean beauty sector, which is expected to grow significantly in the coming years.
The company’s stock responded positively to the announcement, illustrating investor confidence in Manyo’s strategic direction and its ability to capitalize on the global demand for clean beauty products. As Manyo continues to extend its market reach, its financial prospects appear promising with analysts forecasting a substantial increase in profits for 2024.
