Monday, May 20, 2024

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Signature Label Signs MOU for Business Collaboration with Indonesian Leading Beauty Distributor Beauty Haul


Photo: inny Kim (Co-Founder, Signature Label) and Benny Yahya(Co-Founder, Beauty Haul) in MOU Signing Ceremony, Beauty Haul HQ, Jakarta, Indonesia


Global K-Beauty distribution startup "Signature Label" announced that it has signed an MOU for business collaboration with "Beauty Haul," the leading beauty distributor in Indonesia. The two companies plan to explore extensive cooperation opportunities regarding the distribution strategies for Korean beauty products entering the Indonesian market, following the signing of the MOU.


Through this collaborative partnership, Signature Label and Beauty Haul will share their expertise in Korean beauty brands and capabilities in the Indonesian beauty distribution market, aiming to create success stories for K-Beauty brands. Korean beauty products discovered by Signature Label will be first proposed to Beauty Haul through a fast track process. Upon contract signing with Beauty Haul, the platform will be able to sell the products with full support from both companies.


Beauty Haul is Indonesia's No.1 curated beauty e-commerce, a comprehensive beauty platform that operates beauty malls, blogs, review services, forums, and events. It currently operates 22 stores nationwide and aims to reach 30 by the end of this year. Beauty Haul distributes over 200 internationally renowned brand cosmetics and local brands and maintains close cooperation with major overseas distributors. The beauty brand 'Somethinc,' created by Beauty Haul, has also achieved significant success in the Southeast Asian market. It has also attracted investment from global venture capital firm Sequoia Capital in 2022.


Signature Label is a global K-Beauty distribution startup. It collaborates with top-tier beauty commerce platforms in countries where B2B distributors lead the cosmetics distribution, such as Indonesia, Vietnam, and Thailand. With a verified network, it helps establish reliable partnerships, marketing, distribution strategies, and pricing policies, saving time for channel management and brand building. Founded by CEO Jimmy Lee, who successfully led the Southeast Asian expansion of Korean cosmetics brands "Skin1004" and "9Wishes" for the first time in the region.


Regarding this MOU, Benny Yahya, Co-founder of Beauty Haul, stated, "Beauty Haul aims to be a fastest-growing beauty company targeting the next-generation beauty platform  in Indonesia." He added, "Through the partnership with Signature Label, we aim to create market success for unique Korean beauty products that meet the needs of Indonesian consumers."


CEO Jimmy Lee of Signature Label mentioned, "According to Euromonitor, the Indonesian beauty industry is projected to reach a market size of $11.4 billion (KRW 14.6 trillion) by 2025, making it a powerhouse in the cosmetics market." He expressed confidence, saying, "Indonesia is a market that Korean beauty brands aspiring for global expansion must challenge, and I believe that Signature Label and Beauty Haul can be a great partnership to create success stories in entering the Indonesian market."


Signature Label : https://www.signaturelabel.kr/



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