Beiersdorf, owner of Nivea, has acquired a stake in a popular and rapidly growing beauty and tech start-up/
Lycl Inc., which is based in Seoul, South Korea, combines three different business models, according to WWD. unpa.me is a review content platform for K-beauty products; palett.me is an influencer network platform, and unpa.Cosmetics is Lycl’s in-house skincare brand.
Founded in 2013, the company sells most of it's products direct to consumer. It's two beauty platforms (unpa.me and palett.me) has access to more than 1.2 million consumers who, via data collected, inform the company on how and when different types of products should go into development.
“We see great potential in Lycl’s disruptive business model and its high degree of digital consumer connection,” said Beiersdorf chief financial officer Dessi Temperley in a statement.
“The digital innovation capabilities and strong consumer-centricity of Lycl have resulted in triple-digit growth rates over recent years, and we believe the business model is geographically scalable,” she continued.
Lycl Inc. is now part of Beiersdorf’s Nivea Accelerator in South Korea, which aims to learn from and support entrepreneurs in the industry.