(Bloomberg) – In a 15 -second video on Tiktok that has accumulated millions of views, Kylie Jenner slides an elegant silver device, swearing that it helps the skin to better absorb the Serums. Called Booster Pro, the device has viralized-and with it, its manufacturer’s fortune, APR Corp., a hitherto obscure startup based in Seoul that is now at the center of the K-Betuity boom.
Behind the company is 36-year-old Kim Byung Hoon, a former technology entrepreneur who turned into a magnate of beauty, and whose company has made him the newest billionaire of South Korea. His 31% APR stake is now worth about $ 1.3 billion, according to Bloomberg Billionaires index, after the company’s shares will shoot 200%.
Kim began his trajectory by developing mobile apps – including a dating app – after studying as an exchange student in California over a decade ago. It was there that he witnessed the smartphone revolution and fell in love with entrepreneurship.
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His change to skin care occurred in 2014, when he founded APR, initially focused on cosmetics. In 2021, the business expanded to the production of high -tech facial devices, which promise spa -worthy treatments at home. It’s a product line that Kim personally promotes – he uses APR’s facial device for 30 minutes every day – according to the company’s chief financial officer Shin Jae Ha, in an interview with Bloomberg News.
After opening capital last year, APR is now the second largest beauty company listed on South Korea Stock Exchange, with a market capitalization of over $ 4 billion.
High-level influencers endorsements reflect K-Beauty’s growing mainstream appeal-a term that encompasses South Korea’s rapid growth exports. Before popular only between generation Z and Asian American influencers, K-Beauty reached the general public in the US, where Korean product sales grew 56%, reaching $ 1.9 billion last year.
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With the increase in global interest driven by K-Pop and Korean dramas, celebrities began to incorporate products from Medicube, APR’s main brand in their routines. Hailey Bieber, according to the company, mentioned his gel mask for the first time at the end of 2023, spontaneously. This organic buzz paved the way for APR global campaigns in 2024 with Kylie and Kendall Jenner, as well as Khloe Kardashian.
“Now it seems that K-Beauty has come to the point where she is leaving the first fans to reach the mass consumer,” said CFO Shin, former HSBC Holding PLC mergers and acquisitions, who joined Kim in 2016, attracted by his vision.
Although the rise of K-Beauty follows the overall growth of Korean culture, APR is part of a new generation of cosmetics exporters. Unlike traditional brands, which strongly depended on Duty-free stores or lines for China, APR found its niche in Tiktok-driven Skincare campaigns and elegant technological beauty devices.
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“K-Beauty companies that are good in digital marketing tend to grow faster in e-commerce,” said Eun-Jung Park, an analyst at Hana Securities in Seoul.
China remains the largest beauty export market in South Korea – but narrowly. While Chinese imports slow down, the US now grows faster and offering larger margins thanks to its premium market. More than 70% of APR’s revenue comes from abroad – and the US is its main growth engine outside South Korea.
The company is now preparing for its biggest retail onslaught: In August, Medicube will be sold at stores of the Ulta Beauty Inc. cosmetics network throughout the US, expanding its presence in addition to online platforms such as Amazon.com and its own e-commerce channels.
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“APR is one of the strongest marketing K-Betuity brands,” Park said. “Your Medicube is number 1 in sales [nos EUA] between individual Korean brands. ”
The current APR lines, skin care and devices, focus on anti-aging, hydration and brightness, with the possibility of expansion to health, the company said by email.
But the company is not immune to the pressures of global trade. Currently, APR pays a 10% rate on imported beauty goods for the US, which Shin considers “manageable.” However, a possible climbing on commercial tensions or US restrictions on Asian imports can affect its rapid growth.
On Monday in the US, President Donald Trump announced a 25% rate on South Korea products from August 1. This gives, in practice, another three weeks for South Korea – and other affected countries – close a deal with the White House.
Meanwhile, Shin expects the company’s sales to reach 1 trillion Won ($ 730 million) in annual revenue this year, a metric in which he is still behind more consolidated competitors.
As the business grows, the personal steps of billionaire founder Kim also draw attention in the local press. He recently bought coverage on Seongsu-Dong’s sophisticated neighborhood in Seoul, by 29 billion won ($ 21 million), the company confirmed, establishing a new national price record per square meter. The luxurious residence is a neighbor of film stars and famous sportsmen, signaling its arrival as one of the new most visible billionaires in the country.
Despite the new fortune, Kim – who acts as CEO of the company – remains extremely involved: he goes to the office daily, closely follows consumer trends and holds strategic meetings with the board until weekends, according to Shin. A few years ago, Kim posted a video before and after on social networks showing the effects of APR facial apparatus on his own skin.
But in recent times, he has kept more discreet online as the company’s visibility has increased.
He refused Bloomberg News interview requests, but has already spoken publicly about the inspiration he had on Apple Inc. and Tesla Inc.
“If someone asks me what my career goal is, I would say now I want to create a big company that everyone knows,” Kim told local press at the time of his last Instagram post. “Like Apple, we want to launch products that make us the most innovative company in the beauty industry.”
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