The Beauty Device Company APR Has Transformed Its 36-year-old Founder Into South Korea's Latest Billionaire

Kim Byung Hoon, the founder of APR, has entered South Korea's billionaire echelon with his US$1.3 billion investment in the beauty tech company, which is thriving due to its popularity on TikTok.

IMAGE: APR

Kim, 36, possesses 31% of APR, whose shares have surged 200% this year, establishing it as the nation's second-largest beauty company by market capitalization, according to Bloomberg.

The company currently possesses a market capitalization of 5.65 trillion won (US$4.1 billion), having just overtaken LG H&H and ranking just below Amorepacific, according to ChosunBiz. It reported an operating profit of 122.7 billion won on revenues of 722.8 billion won in the previous year. Its renowned goods encompass home beauty equipment such as the AGE-R (Booster Pro) and MediCube, as well as the fashion label Nerdy.

Kim's journey to establishing a billion-dollar enterprise commenced over a decade ago during his tenure as an exchange student in California. Motivated by the proliferation of smartphones, he began experimenting with mobile applications — including a dating application — prior to focusing on the cosmetics sector.

In 2014, he co-established APR alongside Lee Ju-kwang. The duo was included in Forbes' 30 Under 30 Asia list in 2017, after which Lee departed from the company two years later. APR initially concentrated on cosmetics but made a significant advancement in 2021 by introducing at-home facial equipment that provide spa-quality treatments.

In contrast to conventional businesses that relied significantly on duty-free channels or strategies focused on China, APR established its identity through TikTok-driven ads and innovative, technologically advanced items. With the global ascent of Korean beauty, propelled by K-pop and Korean dramas, APR's premier brand Medicube garnered interest from international superstars.

In 2023, Hailey Bieber unsolicitedly shared on social media her experience with the brand's gel mask. She stated that she utilizes the Age-R Booster-H device, enhancing the product line. This momentum established the foundation for the firm's significant campaigns in 2024, including Kylie and Kendall Jenner, along with Khloe Kardashian.

Eun-Jung Park, an analyst at Hana Securities in Seoul, stated that Medicube is the leading K-beauty brand in the United States. Park stated that APR is a leading force in marketing within the K-beauty sector. In February, Kim listed his firm on the Korea Exchange, generating 95 billion won by pricing its shares much above the anticipated range.

The technology-to-beauty magnate is intricately engaged in the daily operations of APR, as stated by Shin Jae Ha, the company's CFO. He continues to attend the office consistently, meticulously monitors consumer trends and market responses, and frequently convenes with senior executives on weekends, notwithstanding his recent affluence. He was previously active online, even posting a before-and-after video demonstrating how one of APR's cosmetic devices enhanced his skin.

However, as APR's international prominence increases, he has progressively withdrawn from public attention. Kim has expressed his aspiration to transform APR into the most innovative enterprise within the beauty industry.

“We believe our innovative technology has made a significant impact,” Kim stated in emailed remarks referenced by Forbes last year, when his company launched a total of seven products.

"APR is not a company that produces a single successful product and continues to sell it repeatedly," he continued.