The Chinese-born entrepreneur Lilin Yang, founder of the Barcelona-based firm MiiN Cosmetics, has found two luxury travel companions to accompany her in her ambitious growth project, which aims to reach one hundred Korean cosmetics sales establishments by 2028. These are Javier Rubió and Dídac Lee, two benchmarks in the Barcelona entrepreneurial ecosystem and, currently, managing partners of Galdana Ventures, an investment group led by successful entrepreneurs from the technology sector with assets under management of 1.8 billion euros.
Barlon Capital, a venture capital firm led by Rubió and now integrated into the perimeter of Galdana Ventures, has entered the shareholding of MiiN Cosmetics, where it has taken a minority stake of 15%, as Yang tells The New Barcelona Post. Both Rubió, who was co-founder of the telecommunications consultancy Cluster, and Dídac Lee, co-founder of Tradeinn and Inspirit, will join the board of directors of MiiN.
Until now, the company's capital was made up solely of Lilin Yang and a Swiss partner who has accompanied her since she founded the business in 2014, although he is not involved in the day-to-day operations of the company. The entrepreneur assures that MiiN Cosmetics has been profitable from day one and has financed its entire expansion plan with its own resources. "I was not looking for partners or to carry out any investment round; we can perfectly continue to self-finance our growth for the next five years," Yang emphasizes, adding that the incorporation of Barlon Capital "is not a financial operation, but has a strategic character."
The young entrepreneur explains that last year she met Dídac Lee, who became interested in her business and showed her "a great passion for her business project." Yang found that by talking with Lee and, later also with Rubió, she gained access to very enriching ideas and points of view for her business, so she proposed that they join as partners to contribute their knowledge, strategic vision, and extensive business experience to MiiN Cosmetics. "We haven't raised any rounds, but Barlon brings a very interesting profile to our company; their ideas, experience and opinions, their vision from outside the world of cosmetics and extensive networking will be very useful for us to move forward with our project," explains the founder. Yang admits that, in addition, the company strengthens its financial muscle, which will allow it to better take advantage of growth opportunities that arise in the market.
"At Barlon we are always looking for interesting investment opportunities and, for some time now, we saw that MiiN was an option that could fit perfectly into our portfolio of investee companies. The company's exponential growth trajectory, with a well-defined profitability model, and Lilin's leadership meant that when the opportunity arose, we didn't let it slip away," says Javier Rubió. Among other companies, Barlon Capital has also invested in Vicio, GoodNews, Paack, Recomotor, Alohas and Flax & Kale.
60% growth in 2023
MiiN Cosmetics currently has a network of 23 own establishments, 17 of which are in Spain and the rest in Paris, Munich, Rome and Milan. In 2023, the brand experienced a 60% growth, with sales of 19 million euros, a figure that this year will skyrocket again thanks to an opening plan that includes 16 new points of sale in the four countries where the brand operates: Spain, Italy, France, and Germany.Recently, MiiN Cosmetics has opened stores in San Sebastián, Santander, Alicante, and Mallorca, and in the coming weeks, it will strengthen its presence in Italy with new establishments in Turin and Rome (2). It is also looking for new premises in Barcelona and Madrid and wants to establish itself in cities like Marbella and Granada. Yang's goal is to reach one hundred points of sale by 2028. For 2024, the projected turnover is 30 million. The company's workforce already totals 160 people.
According to the entrepreneur, the beauty market is on the rise, and there is increasing knowledge and appetite for products made in Korea, a country that has seen the export of its culture accelerate thanks to successful television series like Squid Game. "In Korea, the cosmetics business is very important; it is already the third largest exporter in the world in this sector, behind France and the United States," she states. Yang emphasizes that extreme skin care is part of Korean culture, which focuses not so much on treatment, but on prevention through strict routines and the use of high-quality products that are the result of a "very strong investment in R&D for the continuous improvement of formulas."
MiiN Cosmetics, which has a flagship on Balmes ---in the historic Bella Aurora building--- currently imports about 35 Korean cosmetic brands and has also diversified its product range, incorporating makeup, hair care products, and perfumes. The next step will be the import of machinery or home-use beauty devices, such as facial radiofrequency machines. The company has two own brands, Meisani and Ondo, developed from 2020 and manufactured by Korean suppliers.
MiiN's key to success lies in the fact that its business is not solely based on retail. The more than 30 leading brands from the Asian country that it exclusively imports to Europe are not only sold in its own network of stores, but also to other important chains in the sector such as Sephora or Douglas. That is, in addition to the B2C or direct sales channel to the final consumer, the company has a significant distribution or wholesale business (B2B) that already generates around 35% of its sales. This strategy is complemented by a third channel that is also strategic for the brand, the online store, available in practically all European countries. "Each channel contributes around a third of the turnover," explains Yang, a balance that she considers basic and that offers her "security" because it allows her to face possible crises or cycles that may occur in each of the three divisions.