Silicon Valley investment company Altos Ventures recently announced its US $3.0M investment in Trillionaire. Trillionaire runs a Korean cosmetic ecommerce service called HuiSeoul, which focuses on providing Korean beauty products exclusively to the Chinese market.
The journey for HuiSeoul started in a single store in Myung Dong (Seoul) back in November 2014. The company reacted quickly to an identified market in China for Korean cosmetic and beauty products. In February 2015, HuiSeoul began, and started to sell reasonably priced Korean cosmetics to China.
The company places the highest priority in being a trustworthy service. Its differentiating factor is an online forum where beauty consultants provide advice to potential customers.
HuiSeoul employs sixteen people to accomplish this goal. This team is comprised half of Chinese staff and half Korean. This allows the company to streamline the process of quickly understanding any new trends and practices in the Korean beauty market and relay this to its Chinese customers.
Song Ho Won's (CEO of Trillionaire) background has been instrumental in the success of HuiSeoul. After graduating from the department of medicine at Yonsei University, he developed his entrepreneurial skills while studying for an MBA at Stanford University. This combined with his interest in cosmetic marketing helped HuiSeoul identify and react to the market. As revealed by Kim Han Jun, the CEO of Altos Ventures, their investment decision was influenced by the way Trillionaire identified the market, quickly exercised executive ability, and implemented a growth strategy.
Song stated that Trillionaire's aim is "to become a company that is trustworthy and is symbolic of the Korean cosmetic market."