Thai beauty retailer Konvy secures $11M to support expansion

Konvy, an online beauty product platform in Thailand, has successfully secured $11M in Series A funding. This round saw participation from New Day Ventures Limited, an investment branch of Robinsons Retail Holdings, Inc., Alibaba International Digital Commerce Group (Alibaba International), and existing investor Insignia Ventures Partners.

• Founding Story: Konvy was established in 2012 by Chinese entrepreneur Huang Qinggui, who brings his experience in managing fashion e-commerce platforms in China.

• Platform Offerings: The platform showcases over 1,000 local and international beauty brands, with an impressive SKU count of over 20,000 items. Brands include household names such as L'Oréal, Shiseido, Sulwhasoo, 3CE, and La Roche-Posay.

• Revenue Numbers: In 2023, Konvy's annual revenue is estimated at $32M. The company oversees every aspect of the supply chain, marketing, and distribution, generating profits ranging between 30% and 40%.

• Market Status: The Thai beauty market is showing great potential, with the beauty, health, personal, and home care sector projected to hit $6.4 billion by 2025. After a decade, Konvy is a leading player in the Thai beauty e-commerce scene, maintaining a strong presence on mainstream platforms like Lazada, Shopee, and TikTok.

• Expansion Plans: Konvy aims to assist more Chinese brands in their global expansion and is in the process of setting up additional channels to support this mission. They have already ventured into the Philippine market and are expanding into Malaysia and Myanmar.

This funding round has caught domestic attention and stirred considerable interest in the company, setting the stage for Konvy's continued regional expansion.