COMPANY PROFILE / PUBLIC INFORMATION
BENOW
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
BENOW is a Korean beauty company behind numbuzin, a skincare brand, and fwee, a makeup brand. Its portfolio also includes Knock, a body-care brand launched in November 2025. [1] numbuzin organizes skincare products around numbered solutions for different skin concerns. fwee focuses on colour cosmetics, including its lip-and-cheek Pudding Pot range. The brands reach customers through online marketplaces, beauty retailers and their own offline spaces, in Korea and overseas markets including Japan and the US. [1, 2] Founded in 2018, BENOW is led by co-founders and co-CEOs Kim Dae-young and Lee Il-ju. [2, 4]
Competitive Edge
DISTINCT BRAND IDENTITIES numbuzin's numbered skincare concept and fwee's colour and texture-led makeup give the group different ways to reach beauty consumers. Brand recognition is valuable, although individual product popularity can change. [1] MULTIPLE ROUTES TO CUSTOMERS BENOW combines digital distribution with beauty retail and branded offline spaces. Its Japanese operations provide a local platform for brand development and retail expansion. [1, 2] PROFITABLE GROWTH Reported consolidated revenue increased from KRW 266.4bn in FY2024 to KRW 325.0bn in FY2025. The group remained profitable, but operating margin fell from 28.2% to 20.6%, calculated from reported figures. [3]
Why We’re Watching
BENOW offers a way to study how Korean beauty brands turn international demand into a durable business. Revenue continued to grow in FY2025, while operating profit declined. The next test is whether brand and channel expansion can translate into stronger earnings. [3] Cash conversion also matters. Inventory reduction supported FY2025 operating cash flow, so we are watching whether cash generation remains strong as the business expands. [3] Reported secondary purchases show institutional interest in the company. They provide historical transaction context, rather than a current price or evidence of shares available through LASQUAD. An eventual IPO would provide another valuation reference, but its venue, timing and terms are not assumed. [5, 6, 7]
Key Risks
BRAND AND PRODUCT DEMAND Beauty trends, product launches and consumer preferences change quickly. Revenue concentration by brand has not been established in this review. EXPANSION COSTS AND MARGINS Marketing, new brands and distribution expansion can increase costs before they generate returns. FY2025 earnings fell despite revenue growth. [3] INVENTORY AND CASH CONVERSION Releasing cash from inventory helped FY2025 cash flow. Demand forecasting, stock replenishment and further expansion can change working-capital needs. [3] OVERSEAS EXECUTION Local channels, consumer demand, currency movements and product requirements affect international performance. Conflicting reported overseas-sales percentages are not used here. VALUATION, LISTING AND LIQUIDITY Historical secondary valuations depend on their share rights and terms. IPO preparation does not establish an approved listing, timetable or investment return. The disclosed ownership snapshot is dated 31 December 2025 and does not establish current holdings. [8]
Publicly Reported Metrics
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[1] BENOW official blog — brand overview: numbuzin, fwee and Knock. Posted 19 March 2026; accessed 22 October 2026. https://benow-story.teamblog.io/about2 [2] BENOW JAPAN — company history and local brand operations. Accessed 22 October 2026. https://www.benow.co.jp/aboutus/detail/id=305 https://www.benow.co.jp/brand/ [3] IB Tomato — consolidated FY2024–2025 results, cash flow and inventories. Published 15 October 2026; first released 13 October 2026. https://www.ibtomato.com/ExternalView.aspx?type=1&no=19781 [4] Seoul Economic Daily — IPO adviser selection and co-founders' reported holdings, 2 August 2024. Historical holdings, before later transactions. https://www.sedaily.com/article/13930844 [5] Edaily Marketin — IMM Investment follow-on investment and third-largest shareholder position, 29 September 2025. Reports approximately KRW 55bn cumulative investment, not the current ownership percentage. https://marketin.edaily.co.kr/News/Read?newsId=03844166642305040 [6] Financial News / Newsis — CJ OnStyle's KRW 3bn secondary purchase, 29 April 2025. Ownership percentage not disclosed. https://www.fnnews.com/news/202504290924004825 [7] Seoul Economic Daily — institutional shareholders and reported secondary valuation, 20 August 2025. Its approximately 6% IMM figure was conditional on a planned purchase, not an independently verified current stake. https://www.sedaily.com/article/14106844 [8] DART — BENOW FY2025 consolidated audit, filed 31 March 2026, Note 1: shareholders at 31 December 2025. Ownership checked 23 October 2026. https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260331002615 The ownership snapshot uses the audit reference date; investment-history reports have separate dates. Neither is a current shareholder register. Reported investment amounts are not used to infer ownership percentages. Company coverage does not indicate affiliation, a seller mandate or available shares. Logo: official BENOW careers website header, retrieved 22 October 2026. https://www.benow.co.kr/ko/home
AT A GLANCE
Founded
August 2018
Headquarters
Seoul, South Korea
Last Updated
23 October 2026