Lee Il-joo and Kim Dae-young left a beauty giant and built their own billion-dollar company.
This beauty conglomerate recently hit unicorn status, with a valuation nearing $1 billion. It’s called BENOW and some of their most popular brands are dominating the global skincare market.
BENOW was founded in 2018 by Lee Il-joo and Kim Dae-young. Both attended Seoul National University and were former employees at Amorepacific, one of Korea’s most well known beauty companies. They were insiders who understood the industry and saw its limitations, so instead of climbing the corporate ladder, they decided to build something of their own.
Il-joo and Dae-young’s goal was to give consumers products that were easy to understand, but also results driven, leading them to launch Numbuzin, a brand that simplified skincare by numbering their products. Numbuzin became a hit with its numbered cosmetics system, releasing products like Number 3 Serum and Number 9 Face Masks, each targeting specific skin concerns.
BENOW was making skincare easier and so Il-joo and Dae-young wanted to expand further. They were able to launch more brands like fwee makeup and RIAH haircare which have both made waves across social media platforms, allowing BENOW to reach a more global audience.
And that is exactly what is making BENOW stand out amongst other beauty companies. Their demand is international with over 70% of their revenue coming from overseas markets, including the U.S. and Japan. For a company that hasn’t even been around for 10 years, this stat is impressive.
BENOW has shown extreme growth as they went from earning ₩6.6 billion in revenue in 2020 to over ₩266 billion by 2024. Today, the company is entering the next stage. In 2025 BENOW officially achieved unicorn status with a valuation of over ₩1 trillion, or roughly $1 billion, just seven years after its founding. BENOW is also preparing for a potential IPO, marking a transition from startup to global powerhouse.
Lee Il-joo and Kim Dae-young built a complete brand portfolio that was designed for global consumers. In an industry dominated by legacy giants, BENOW is representing an international, more intuitive beauty conglomerate and with its new unicorn company title, it is no longer just part of the K-beauty wave. It’s helping lead it.
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