Beauty Park is is a one stop destination for consumers to purchase beauty products that has been reviewed by people at below market price.
As for brands, it will be a platform for them to reach influencers and savvy consumers.
I do not purchase beauty products. But I believe at least 60% of women does.
Business Model
It offers it members access to products that are 15% – 40% below market price. This is something that would entice most women.
It also charges its members $10/month once their trial ends. This is something that I like as an investor. I love subscription based business model. It ensures that constant revenue.
Beauty Park also reward its users for any purchases and product reviews. This is some sort of a loyalty program which I love! Any businesses who have a loyalty program tends to retain its users and encourages them to keep coming back.
As for brands, Beauty Park offer brands the ability to receive valuable feedback and analytics from its users. The company also offer brands the option to place advertisement directly on the platform. This is another source of revenue.
User Acquisition Channel
Their users acquisition strategy is to collaborate with influences. At the moment, they have access to 81+ registered influencers who in turn have access to more than 1.5 millions followers. This mean, Beauty Park could potentially acquire 1.5 million new users. Assuming 20% of the followers signs up, that would be 300,000 new users for BP, and potentially $3M revenue a month from membership subscription alone!
Traction
As for traction, BP seems to be just started in January 2018. Their revenue from product sales to date is about $8k. Not an impressive figure. But what can you expect from a company that just started?
The user growth and paid membership growth shows some interesting figures though.
Financial Matters
Their income before tax for this year is negative. The projected income seems to be stagnant even though the projected operating expenses increase. This is something that I would not feel comfortable.
The Team
- Brian Park – Founder of a skin care company, and has direct relationship with 100 international brands.
- Tim Yun – In-charge of e-commerce department of 2 companies.
- Hazuki Miya – Co-founder of a beauty supplier. Managed relationship with more than 150 brands.
- Nicole Cutright – Launched a subscription based lifestyle beauty products, and grew its users to more than 30,000 paid members.
I would say there is a good team here. Their experiences in total can definitely help grow Beauty Park in no time.
Use of Funds
Some of the uses are as of the following (I only list down what I am interested in):
- Web development
- Pursue SEO and PPC marketing.
- Reach 250 influences. If the current 81 give them access to a whooping 1.5 million users, imagine what would 250 able to reach?
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Conclusion
I would give this startup a score of 71%. I would stay away from it first for the time being unless if there is no other company for me to review for next month.
What do you think? Would you invest in Beauty Park?