Leading Thai online beauty product e-commerce platform Konvy secures $11 million in Series A funding from New Day Ventures Limited (the investment arm of Robinsons Retail Holdings, Inc.), Alibaba International Digital Commerce Group (Alibaba International), and existing investor Insignia Ventures Partners. With Alibaba International's participation, this funding round has garnered significant attention domestically and sparked considerable interest in the company. Previously, Konvy raised seed funding from Alpha Founders Capital and ECG Ventures Capital.
Konvy's connection with China dates back to its inception, founded in 2012 by Chinese entrepreneur Huang Qinggui with experience in managing fashion e-commerce platforms in China. Under his leadership, Konvy has emerged as a forefront platform leading the e-commerce revolution in Thailand, especially in the beauty sector. The platform currently features over 1,000 beauty brands from around the world and locally in Thailand, boasting a SKU count of over 20,000, including internationally renowned brands such as L'Oréal, Shiseido, Sulwhasoo, 3CE, and La Roche-Posay.
Reportedly, in 2023, Konvy's annual revenue is approximately $32 million. Konvy oversees the entire supply chain, marketing, and distribution. The beauty platform generates profits ranging from 30% to 40%. With over a decade rooted in Thailand, Konvy has gradually become a leading beauty e-commerce platform, establishing a presence on mainstream platforms like Lazada, Shopee, and TikTok, solidifying its position as a key player in the beauty industry.
For the Thai beauty market, Statista data indicates that in 2021, the beauty, health, personal, and home care sector is expected to reach $4 billion (total e-commerce being $19.6 billion). By 2025, it is projected to grow to $6.4 billion ($33.6 billion for the entire e-commerce). In the beauty sector, skincare dominates with a revenue share of 42%. Konvy notes, 'Compared to other Southeast Asian countries, Thailand has a well-established beauty supply chain. Additionally, capital in Thailand is currently active. Beauty products, with profit margins of 10%-20%, show higher profitability compared to other market categories. Hence, many investors are starting to focus on local beauty brands.' Therefore, Konvy sees numerous opportunities in the Thai beauty market.
Regarding Konvy's future strategy, Huang Qinggui expresses the desire to assist more Chinese brands in going global. Currently, Konvy is establishing additional channels to support the international expansion of Chinese brands. Furthermore, Konvy has entered the Philippine market and is expanding its presence in Malaysia and Myanmar, aiming to help Chinese beauty brands cover more markets abroad.