L’Oreal & Estee Lauder’s Service Provider Lands on US Stock

Recently, Perfect Corp was listed on NASDAQ under the ticker symbol "PERF", becoming the first stock of global beauty and fashion technology.

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According to the prospectus, Perfect Corp had revenues of about 300 million yuan (about $41.37 million) in 2021, and the company is valued at about 7.4 billion yuan (about $1 billion). Its investors include Ali, Shiseido, Chanel, and others, who are also its partners. Founded in 2015, Perfect Corp is none other than artificial intelligence (AI) and augmented reality (AR) beauty and fashion technology business solutions provider. Among the TOP 20 beauty groups in the world, 17 beauty groups, including L'Oreal and Estee Lauder, use Perfect Corp's services. In 2019, Perfect Corp also entered into a partnership with Alibaba to apply its AR trial technology to shopping sessions on Taobao and Tmall, providing online makeup trial services on Taobao product pages. Taking advantage of the benefits of e-commerce development, Perfect Corp has also started to expand its business territory. In addition to providing services such as virtual makeup trials and skin quality measurement for cosmetic companies, Perfect Corp's business gradually extends to virtual styling and fashion accessories, including virtual hair trials and virtual watch-wearing trials. Its series of apps such as "Fusion of expressions" and "YouCam Perfect" have also grown and have been downloaded more than 1 billion times worldwide. Perfect Corp's Global Beauty and Fashion Technology Trends Report in Q3-2022 showed that AI+AR technology can meet consumer demand for entertainment, boost consumer confidence, drive product exploration, and enhance customer engagement. Its brand partner, NARS, found that consumers tried an average of 27 shades on its website using a virtual trial tool, fueling a 300% increase in conversion rates. Demand has created a market, which has directly driven the growth of Perfect Corp's business volume, and has led to a capitalization. Public information showed that Perfect Corp, since 2017 to date, had a total of four times to obtain financing, the combined financing amount of more than $275 million, investors including Goldman Sachs China, Alibaba, China Creation Ventures, Cyber Link, and so on. Meanwhile, unlike most other companies that go public, this time Perfect Corp reached its goal of listing on the Nasdaq by merging with Provident Acquisition Corp, a company that acquired the company for the special purpose of listing. According to previous media reports, Perfect Corp is expected to raise approximately 2.4 billion yuan (about $331 million) in the merger agreement, which includes a 360 million yuan (about $49.6 million) PIPE private equity investment, with participation from Ali, Shiseido, Chanel, Snap, and other institutions. Perfect Corp said the money obtained will be used for technology development as well as company operations, etc., with a view to achieving its global expansion.