Founded 10 years ago, Konvy is today the leading beauty e-commerce platform in Thailand. It plans to accelerate its omnichannel and international distribution with a new $10 million Series A from Insignia Ventures Partners.
Konvy was launched in 2012 by Chinese entrepreneur QingGui Huang, who previously ran fashion e-commerce platforms in China. It now works with over 1,000 brands, representing SKUs of over 20,000. Its brand portfolio includes L’Oréal, Shiseido, Sulwhasoo, Eucerin and La Roche-Posay.
“Konvy had the advantage of starting in Thailand when there weren’t really big e-commerce players there at the time,” Huang told TechCrunch. “Since then, we have leveraged our first-mover advantage in Thailand to become a major e-commerce player in the market.”
Konvy’s goal is to help local and international beauty brands take advantage of two big trends. The first is that health and beauty shopping is a priority spending category for Thai consumers and the second is that Thailand experiences high rates of online shopping and social media usage, meaning that young Thais spend an average of about two hours and 55 minutes on social media each day.
Huang said he confirmed his assumptions about Thai spending on beauty products through conversations with brands, which prompted his desire to launch Konvy.
“This opportunity to make health and beauty a priority spending category for Thai consumers is driven by both the demand and supply side that have driven this consumer behavior over the past decades,” said- he declared. “On the supply side, Thailand has been a manufacturing hub for many international brands for over 40 years. It also spawned a thriving local industry. On the demand side, we see that Thai consumers are plugged into this health and beauty “upgrades” mindset, i.e. it’s not just about to access these products, but to seek out the best products and a strong willingness to spend on the latest trends.
Konvy leverages the high rate of social media usage by developing a feedback loop, where engagements on its partner brands not only help Konvy’s existing portfolio, but also help more brands in the future. For example, as more Gen Z consumers bought products they saw on TikTok during the pandemic, Konvy made himself more present on that channel.
In a statement, Insignia Ventures Partners Founding Managing Partner Yinglan Tan said: “While there may be stronger competitors in horizontal markets in the future, we believe Konvy is best positioned. to be the market leader in the online beauty segment given its long-standing brand. equity-focused, brand-centric and community-led approach. »