[INTERVIEW] Benton makes success with identity products

The Korea Times

The Korea Times

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Sat, December 9, 2023 | 08:21

Industry

INTERVIEWBenton makes success with identity products

Posted : 2017-12-06 10:07

Updated : 2017-12-07 14:18

Benton CEO Lee Jang-won dabs Cacao Moist and Mild Cream on his face. The relatively young cosmetics company is enjoying popularity overseas./ Korea Times photo by Choi Won-suk

Cosmetics startup looks toward European, US and global markets

By Kim Ji-soo

The curious case of Korean cosmetic company Benton, known for its Snail Bee High Content Essence and Aloe BHA Skin Toner, is that while it started out only six years ago in 2011, it has already achieved significant success. The company's sales have been growing by 200 percent annually since 2013.

When interest in K-beauty products peaked in 2013, foreign consumers gradually learned about Benton products and the company's online overseas sales sharply increased.

"Overseas sales account for 85 percent of our total sales, while sales in Korea take up 15 percent," said Lee Jang-won, founder and CEO of Benton in an interview held at the company's office in Seoul. "We were lucky."

Benton products are sold in the United States through online malls such as iHerb and the K-beauty online marketplace Soko Glam. The products are sold at 25 DRUNI stores throughout Spain and at K-beauty shop MiiN in Barcelona and Madrid. They can also be found in Munich, Germany, at MiiN and throughout Poland at 140 hebe drugstores. In the competitive K-beauty landscape, these successes are no small feat for the startup.

Benton's strategy so far has been to focus on selling through online malls and get constant exposure without building a flagship store. In Korea, Benton products are available at the clothing store Aland.

In addition, it simultaneously emphasizes product innovation, quality and affordability.

For example, its Snail Bee High Content Essence, which combines snail and bee venom, emerged, in part, from the Korean cosmetic industry's continuous innovation.

"This was our maiden product, so we really wanted to put everything we could into it," Lee said. Snail Bee High Content Essence uses snail secretion filtrate as a base, and bee venom, which is known for treating problematic skin. The product has received favorable reviews among users and bloggers for such effects as reducing wrinkles and moisturizing.

Benton products, including those from the company's Aloe, Fermentation and Honest lines, are all made with natural ingredients. In addition, they are not tested on animals, for which the company earned PETA's internationally recognized cruelty-free certification.

"Sometimes the products come out of the factory and immediately board for shipping," Lee said.

Benton products, which are sent out for sale within three months from production, can be used up to two years but are best when used within six months.

An array of Benton's products / Courtesy of Benton

In October, the company announced the registration of its products on the Cosmetic Products Notification Portal, which has been a requirement since July 2013 to sell cosmetics in the European Union. Lee said by achieving EU compliance, Benton can directly sell to 32 countries in Europe. The CEO said the company decided to go through the process on the recommendation of European buyers.

"It took a lot of time, and it may well limit us, but it means Benton will be able to keep its identity and produce healthy, trustworthy products," Lee said. The European portal registration may well give Benton the edge in the highly competitive global K-beauty market.

Lee's background lies in the food industry. Prior to founding Benton, he worked for six years for Krispy Kreme within the Korean conglomerate Lotte Group.

"To be really honest, after dealing with many people daily, sometimes up to 1,000 a day while working in the food industry, I wanted to do something that creates value, in addition to appealing to consumers' sensibilities," Lee said.

Around that time, he saw the film "The Curious Case of Benjamin Button" starring Brad Pitt, which inspired him to cater to consumers who want to keep looking beautiful and healthy. He and a younger cousin, who had experience working at a Korean cosmetics company, started Benton.

The company's annual sales currently stand at 3 billion won, and Lee wants that figure to reach 10 billion won within three years at the earliest.

"That means we may need around 36 to 50 products," Lee said. "But we continue to develop products, some of which end up great but are too expensive for the mass market because of their ingredients. And some products flop during the development process, like five to six out of 10 products."

Benton's other goal is to have its own factory.

Lee encountered difficulties before arriving where he is now.

Asked what was the biggest lesson he has learned over the years, he said, "I learned not to harbor unrealistic hope, to be realistic and patient about driving our value."

janee@ktimes.com