Medi Quitous

About Medi Quitous

Medi Quitous is a global e-commerce company that operates over 20 fashion and beauty brands and platforms across more than 10 countries, including South Korea and Japan. The company was founded in 2016 by CEO Lee Du-jin, a graduate of Seoul National University's business school. Lee had prior experience in the e-commerce sector, having founded and run a fashion e-commerce company called 'Awesome Brand' in 2011, which he sold in 2015. This experience informed the creation of Medi Quitous, which initially started as a media commerce model before pivoting to target overseas markets.

The company's business model focuses on a B2C strategy, launching and acquiring brands across various sectors, including fashion, beauty, and food. A significant driver of its growth is the Japanese fashion commerce platform 'NUGU', launched in 2020. NUGU has become a leader in its market, capitalizing on the popularity of K-fashion and K-beauty. The platform's success is a major contributor to the company's overseas revenue. Medi Quitous also operates a portfolio of brands including fashion labels like 'Mahagrid', 'Nice Ghost Club', and 'IStkunst', and beauty brands such as 'anillO' and 'Bananal'. The company has recently decided to sell its food division, which includes the 'Bardak' chicken breast brand, to concentrate resources on its core fashion and beauty operations.

Financially, Medi Quitous has demonstrated significant growth, with revenues reaching 90.8 billion KRW in 2022 and achieving profitability. The company has successfully raised substantial capital through multiple funding rounds, including a recent Series C round that valued the company at approximately 280-300 billion KRW. These funds are earmarked for global expansion, including the acquisition of additional international fashion brands. With a strong presence in the Japanese market, including offline stores, and plans for an IPO within the next three years, Medi Quitous is focused on solidifying its position as a global fashion and beauty enterprise.