- M.O.I is the first professional makeup cosmetics brand in Vietnam with international quality standards and affordable prices. Being the first cosmetics brand, M.O.I's mission is not only to inspire Vietnamese women to love themselves and keep up with world fashion trends but also to create millions of jobs for the community.
- Established on October 25, 2017, M.O.I's revenue in the first year was 1.3 million USD and increased to 3.62 million USD by the end of 2019.
- The annual user's growth rate was 180% as of 2019.
- M.O.I has raised $450,000 USD in funding.
- Manufactured with optimal modern technology and originated from Korea, M.O.I’s products are of high quality, completely vegan, and suitable for Vietnamese style, climate, and income.
MOI Cosmetics Story
M.O.I Cosmetics Co., Ltd. was established in October 2017 in Ho Chi Minh City. At the time of establishment, the charter capital of this startup was $300,000 USD, contributed by two legal entities. Ho Ngoc Ha, a creative director who excelt at building, evaluating, and selecting products, holds an ownership of 55%. The remaining 45% is owned by Lam Thanh Kim, who is the CEO, operation manager, and legal representative of popsicles brand Eat Me.
In the third quarter of 2019, Ho Ngoc Ha and CEO Lam Thanh Kim signed a contract with Randy Dobson (founder and Chairman of CMG.ASIA, founder of LEEP.APP, used to be the owner of California Yoga & Fitness Center chain) to help M.O.I become stronger and more professional in the upcoming years.
"Asia will foresee us to go faster and optimize development investments and control the capital effectively. The ambition of M.O.I Cosmetics is not only in Vietnam, but we also want to expand into the Southeast Asian marketplace. I believe that we can reach our target faster ", CEO Lam Thanh Kim affirmed. By October 2019, M.O.I Cosmetics expanded as M.O.I International Limited Group, headquartered in Hong Kong, in which Ho Ngoc Ha and Mr. Randy Gene Dobson contributed an additional $150,000 USD.
The products are now distributed through more than 140 dealers. In addition to the majority of agents in more than 30 provinces and cities in Vietnam, Ha Ho's lipstick brand is also popular in Singapore, Japan, Australia, the USA, and Canada. Offline channels are opened to give customers the actual product experience, thereby comparing the quality with other brands.
M.O.I’s main selling method is using social networking sites which accounts for about 80% of the revenue through nearly 1,000 agents. According to CEO Lam Thanh Kim, the online channel is easily accessible to consumers and also drives the fastest growth in sales. "For example, when we do a launch party in a store, the goal of reaching 1,000 people is time-consuming and costly. But through social media, it just takes a day to reach millions of viewers", Kim said.
Co-founder Ha Ho has the majority of the benefit via social media that attract many segments of Vietnamese customers. The company is currently selecting a Korean manufacturer and designers to improve the quality and vision of the products. Besides social media, Ha Ho often advertises the M.O.I products through her music videos such as Destiny, Girl's Night, Keep me in love.
A strong marketing strategy doesn't always win, because the real "insight" of Vietnamese customers must be understood by Vietnamese founders. After acknowledging the demand of many people who want a cosmetic brand that is suitable in the humid weather, Ho Ngoc Ha came up with the M.O.I Cosmetics brand. CEO Lam Thanh Kim summarized: "If domestic brands are too permissive, they will not have any positions in the marketplace when the competitiveness with imported products is too high".
All products of M.O.I Cosmetics are manufactured by optimal modern technology and originated from Korea. M.O.I Cosmetics is licensed for quality standards certification in Korea and Vietnam. Up to now, M.O.I Cosmetics has launched 6 product lines from lipstick to simple makeup (including water blot, blush, eyebrow pencil). Not only stopping the exclusive image of Ho Ngoc Ha, but the brand also renews by combining with other representatives - integrating the message sent in the product set. For example, M.O.I has just released 7 new lipstick colors S.Girl with Huong Giang, a trendy celebrity. Shortly, the representatives of the company will continue to find new inspirational faces, which may not just stop at women.
The M.O.I lipstick lines are mostly priced at around $13 USD per product, targeting the mid-range segment. This is also the most competitive segment in the Vietnamese cosmetics market, with total revenue in 2019 estimated at $480 million USD. After the first year in business, CEO Lam Thanh Kim said that the business sold more than 300,000 products, of which more than half were lipstick. The company's revenue in 2018 exceeded $1.3 million USD.
M.O.I aims to become a Vietnamese cosmetic brand that converges elements of quality, prestige, and fashion. Moreover, M.O.I aims to be the first choice of every Vietnamese woman. M.O.I expresses a desire to be the pride of the Vietnamese in the world of cosmetics.