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A South Korean company behind popular home-beauty devices surpassed an industry leader’s market value, as its stock hit a record after strong second-quarter earnings.
Shares of APR Corp. soared 11 percent on Wednesday. The stock has more than quadrupled this year, fuelled by strong overseas demand for its cosmetics that pushed its market value to nearly 8 trillion won ($5.8 billion). It overtook the market capitalisation of the nation’s No. 1 cosmetics brand Amorepacific Corp., and is closing in on Japan’s Shiseido Co.
With global interest rising alongside K-pop music and Korean dramas, APR’s flagship brand gained celebrity buzz, including a social-media posting from Hailey Bieber in 2023. Such momentum paved the way for APR’s global campaigns featuring international stars like Kendall Jenner and Khloe Kardashian — alongside top Korean names like Jang Won-young. The company held its initial public offering last year.
“APR is a young, fast, and agile company, whereas Amorepacific can be seen as older, slower, and more rigid in its operations,” said Seokkeun Ha, chief investment officer at Eugene Asset Management in Seoul. “This contrast highlights the fundamental difference in how each company responds to market trends and growth opportunities.”
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Behind the firm is 36-year-old Kim Byung Hoon, a tech entrepreneur-turned-beauty mogul whose company has made him South Korea’s newest billionaire. He has a 31 percent stake in APR, which he launched in 2014 after time on a dating-app company. In 2021, the business expanded into producing high-tech facial devices that promise spa-like treatments at home.
APR’s second-quarter operating profit more than tripled compared with a year earlier to 84.55 billion won, according to its results released Wednesday. Overseas markets accounted for 78 percent of the company’s total sales, with the US alone contributing 29 percent, the company statement showed.
“The 15 percent tariff has been finalised, and internally, we believe it’s well within manageable range,” the company’s chief financial officer Shin Jae Ha said in the earnings call. “Looking ahead to the second half of the year, we’re preparing strong momentum for further growth in key markets like the US, Japan, and Europe — and we’re committed to delivering results on that front.”
By Shinhye Kang, Sangmi Cha
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A 36-Year-Old Beauty Mogul Is South Korea’s Newest Billionaire
APR Corp. has become a dominant force in the global K-beauty market, turning its founder, Kim Byung Hoon, into South Korea’s newest billionaire.
