K-beauty boom, TikTok buzz make skincare mogul a billionaire in South Korea
Kim Byung-hoon’s APR has avoided duty-free shops or China-focused lines, finding its niche in sleek devices that serve up beauty tech
In a 15-second TikTok clip that has racked up millions of views, Kylie Jenner glides a sleek silver device across her face, swearing by its ability to help skin absorb serums more effectively. Dubbed the Booster Pro, the gadget’s video has gone viral – and with it, the fortunes of its maker APR Corp., a once-obscure Seoul-based start-up now at the centre of the K-beauty boom.
Kim started out dabbling in mobile apps, including a dating app, after studying in California as an exchange student over a decade ago. It was there that he first witnessed the smartphone revolution and got hooked on entrepreneurship.
His pivot to skincare came in 2014 when he launched APR, initially focused on cosmetics. In 2021, the business expanded into producing hi-tech facial devices that promise spa-like treatments at home. It is a product line that Kim personally evangelises – he uses APR’s facial gadget for 30 minutes every day – APR’s chief financial officer Shin Jae-ha said in an interview.
After going public last year, APR is now the second-largest publicly traded beauty firm in South Korea with a market capitalisation of more than US$4 billion.
Endorsements from top-tier influencers reflect the growing mainstream appeal of K-beauty, the umbrella term for South Korea’s booming beauty exports. Once the domain of Gen Z or Asian-American influencers, they have gone mainstream in the US, where sales of South Korean beauty products jumped 56 per cent to US$1.9 billion last year.