Seoul, South Korea – B2LiNK, a brand aggregator for K-beauty products, has announced that it will be acquiring Picky Inc., a community skincare app through a formal agreement set to close this month. Said acquisition follows B2LiNK’s total fundraising to US$23m since being founded in 2014.
The acquisition enables B2LiNK to bolster its leadership position and global lineup of beauty brands and helps Picky to leverage B2LiNK’s network and resources to further expand its strong community base and global reach.
As part of the acquisition, Picky founder and CEO Jihong Lee will join B2LiNK as chief marketing officer and board member, leveraging his career experience that spans international roles with Google and Supercell.
“In what has been a challenging time for startups worldwide, we’re proud to have gained an avid following of hundreds of thousands of regular users in our skincare community. Our team set our sights on the global marketplace on day one, and the opportunity to keep that momentum going with the resources behind B2LiNK is the perfect match,” Lee stated.
To date, B2LiNK has extended its portfolio to include seven brands that have surpassed US$30m annual recurring revenue in 2021, including its flagship brand Skin1004.
Meanwhile, for Nate Sohyung Lee, co-founder and CEO at B2LiNK, with K-beauty being a global phenomenon, there is a seemingly endless pool of unique indie brands relevant for global beauty consumers. He added that they have access to established distribution channels to meet the demand for K-Beauty products everywhere.
“We’re helping K-Beauty products become much more accessible in more markets through our deep experience in the retail business and world-class global marketing team. With the Picky acquisition, we’ve strengthened our team and firmly established our No. 1 market position in Korea,” he stated.
Picky aims to build on its strong community base of more than 250,000 global users and growth throughout 2021. Its web and mobile app-based community has established itself as an ‘every day’ app for skincare enthusiasts, including those passionate about K-Beauty products.