L&P Cosmetic / MEDIHEAL Startup Diligence Report
Advance to confirmatory diligence only after obtaining private materials. The opportunity has credible K-beauty brand equity, broad product expansion beyond masks, and public U.S./global distribution signals. However, underwriting should be gated by audited financials, current cap table, customer/channel concentration, retailer economics, supplier and related-party contracts, factory capex/ramp, IP counsel review, product-regulatory/privacy clearance, insurance, and management/governance documents.
L&P Cosmetic / MEDIHEAL Startup Diligence Report
L&P Cosmetic / Mediheal appears to be a real, active South Korea-headquartered private unicorn in dermocosmetic skincare. CB Insights lists L&P Cosmetic at a $1.19B unicorn-list valuation and Corporate Minority - III | Alive status; a July 2024 Korea Times/PressReader excerpt described only a potential renewed IPO push, and reviewed public sources did not show a completed IPO, acquisition, or shutdown. Public evidence also supports meaningful brand and channel traction, including KRW 300B reported 2024 revenue, multi-billion cumulative mask sales, U.S. growth, and Target/Ulta retail visibility. The key diligence issue is not existence or product-market relevance; it is whether public growth narratives are backed by audited financials, durable margins, clean governance, and defensible international execution.
Public sources do not provide audited financial statements, margins, cash, debt, burn, runway, current cap table, option pool, or debt instruments.
Diligence request: Do not underwrite valuation until audited financials, management accounts, bank/debt schedules, tax filings, and fully diluted cap table are reviewed.
Private status is inferred from CB Insights Alive/private-stage evidence and a 2024 IPO-push article; no official registry/exchange confirmation was obtained.
Diligence request: Confirm with Korean registry, exchange listings, shareholder register, board minutes, M&A databases, and management representation.
TopDaily alleges large outsourcing payments and ownership changes involving LS Cosmetic and the chairman's son, creating transfer-pricing and fairness concerns.
Diligence request: Request related-party schedules, board approvals, contracts, pricing benchmarks, audited footnotes, tax/transfer-pricing memos, and company response.
Public data shows major retailer/channel signals, but top-customer and 5% revenue schedules are not public.
Diligence request: Request top-customer schedules, retailer agreements, sell-through, promo funding, returns, inventory turns, and concentration by geography/channel.
China once accounted for 75% of revenue while overseas revenue is now 40%; U.S. and Europe expansion add regulatory, FX, channel, and localization risk.
Diligence request: Request country-level revenue, margin, FX exposure, distributors, regulatory registrations, and growth plan by region.
Ulta public data shows competitors with larger product counts and overlapping K-beauty skincare positioning.
Diligence request: Benchmark sell-through, pricing, margin, review velocity, repeat purchase, retailer shelf productivity, and promo depth against key competitors.
Public sources show outsourcing/partnership history, LS Cosmetic dependency allegations, and a new Incheon factory plan.
Diligence request: Review supplier agreements, quality SLAs, factory permits, capex, GMP/ISO, capacity utilization, redundancy, and recall history.
Core MEDIHEAL marks appear protected in Europe, but a U.S. LABOCARE registration was cancelled and a BTS-related trademark dispute was reported.
Diligence request: Have IP counsel review official records, ownership, oppositions, maintenance fees, licenses, coexistence, FTO, and dispute outcomes.
Public sources verify L&P Cosmetic's historical unicorn status and provide selected revenue/growth signals, but audited financial statements, margins, cash, debt, burn, cap table, tax positions, and projection support are not public.
partially verified confidence: medium
No audited annual/quarterly statements or management accounts were public. Pulse reported 2024 revenue of KRW 300B and 54% YoY growth, with channel/geography signals, but line-item financials are unavailable.
| Metric | Value | Source | Diligence read-through |
|---|---|---|---|
| 2024 annual revenue | KRW 300B; +54% YoY | Pulse/Maeil | Strong growth signal, but no margin/cash-flow context. |
| Olive Young sales | Above KRW 100B | Pulse/Maeil | Potentially material domestic channel concentration; contract terms unknown. |
| U.S. sales | Tripled year-over-year in 2024 | Pulse/Maeil and company blog | Confirms U.S. momentum but not base size or profitability. |
| Overseas share | 40% of total revenue | Mediheal blog | International exposure is now material; FX and local compliance matter. |
| Financial statements | Not public in reviewed sources | Public-source review | Core financial diligence remains blocked without data room. |
partially verified confidence: medium
Management targets KRW 1T sales by 2028 and emphasizes U.S./Europe growth and factory investment. No detailed projection model, assumptions, capex budget, or financing plan was public.
| Topic | Public signal | Verification status | Follow-up |
|---|---|---|---|
| Revenue projection | Mediheal blog says L&P Cosmetic targets KRW 1T sales by 2028. | partially_verified | Request three-year model by product, geography, channel, margin, capex, working capital, and FX. |
| Capital expenditures | New 10,500㎡ factory in Namdong Industrial Complex planned for late 2025. | partially_verified | Request capex budget, commissioning status, financing plan, permits, GMP/quality documents, utilization assumptions. |
| Debt and external financing | No public debt instruments, bank lines, covenants, or financing assumptions found. | not_publicly_verifiable | Request debt schedule, bank confirmations, lease obligations, guarantees, and off-balance-sheet liabilities. |
| Tax/accounting policies | No public tax positions, revenue recognition, or accounting-policy footnotes found. | not_publicly_verifiable | Request audited financials, tax filings, VAT/customs positions, transfer-pricing policy, and revenue-recognition memo. |
partially verified confidence: medium
CB Insights shows $118.64M raised and alive private-stage status; the current shareholder list, option/warrant schedule, liquidation preferences, debt, and off-balance-sheet liabilities are not public.
| Signal | Evidence | Diligence implication | Status |
|---|---|---|---|
| Unicorn-list valuation | CB Insights list: L&P Cosmetic $1.19B, unicorn date 1/1/2016, South Korea/Seoul, Consumer & Retail, investor CDIB Capital. | Use $1.19B as latest public unicorn-list valuation, not a current audited fair value. | verified |
| Funding/profile status | CB Insights profile: founded 2009; Corporate Minority - III | Alive; total raised $118.64M; investors include Credit Suisse, CDIB Capital International, LANCY, and Legend Capital. | Supports active/private-company baseline but not cap-table economics. | verified |
| IPO status | PressReader/Korea Times excerpt in July 2024 says L&P would decide whether to revive IPO efforts. | Supports no completed IPO as of that article; formal exchange/registry confirmation still needed. | partially_verified |
| Current private/alive conclusion | Reviewed public sources did not show IPO, acquisition, or shutdown; CB profile still uses Alive private-stage language. | Proceed as medium-confidence private unicorn pending official verification. | partially_verified |
not publicly verifiable confidence: high
Tax positions, accounting policies, revenue recognition, financing history details, warrants, and debt history were not available beyond high-level CB Insights funding fields and public revenue news.
Public evidence shows Mediheal has evolved from sheet masks into a broader skincare portfolio spanning toner pads, serums, ampoules, patches, PDRN, Madecassoside, Tea Tree, Collagen, and other treatment formats. Unit economics, SKU-level revenue, product quality data, and regulatory substantiation are not public.
verified confidence: high
Mediheal publicly sells masks, toner pads, serums/ampoules, patches, modeling packs, powder wash, and ingredient-led lines including Madecassoside, Tea Tree, Collagen, Watermide, Vitamide, and PDRN. Public sources support product breadth and retail pricing, but not market share, SKU profitability, or development cost.
| Product family | Public examples | Customer/application | Evidence note |
|---|---|---|---|
| Sheet and gel masks | Essential masks, retinol/collagen ampoule lifting masks, N.M.F nude gel mask | At-home treatment masks for hydration, firming, calming, brightening | Legacy category with 3.3B claimed global sheet-mask sales. |
| Toner pads | Madecassoside, Teatree, Collagen, Watermide, Vitamide, PDRN pads | Convenient daily exfoliating, calming, brightening, and pore-care routines | Company claims 32M toner pads sold worldwide. |
| Serums/ampoules | Vitamin C Brightening Serum, Madecassoside Blemish Repair Serum, Teatree Calming Hydra Serum | Higher-ticket leave-on skincare; broadens beyond masks | Madecassoside serum claimed 820% sales increase within one year of launch. |
| Patches and specialty formats | Retinol collagen eye patch, blemish spot patches, modeling packs, powder wash | Problem-solution skincare and add-on baskets | Supports portfolio extension and retail shelf productivity thesis. |
| Channel | Example SKU | Price | Diligence use |
|---|---|---|---|
| Target | Essential Mask - Hyaluronate Watermide | $1.99 | Entry-price mask product; potential traffic driver. |
| Target | Madecassoside Blemish Toner Pads - 100ct | $23.99 | Core pad price point; compare promo depth and margin. |
| Target | Teatree Calming Hydra Serum | $20.00 | Serum price point in mass retail channel. |
| Mediheal direct | Vitamin C Brightening Serum | $17.00 | Direct-channel pricing may differ from retailer pricing; analyze channel conflict. |
| Ulta | MEDIHEAL brand page | 28 products listed; item prices vary | Validate product breadth and reviews against retailer POS data. |
Observed prices can change and do not disclose promotions, retailer margin, or sell-through.
Retail/channel signals are public, including Olive Young, Target, Ulta, Costco, Amazon, and global countries. However, top-customer lists, revenue by customer, backlog, contracts, severed relationships, supplier contracts, and sell-through economics are not public. TopDaily's related-party article introduces a material supplier/governance diligence thread.
not publicly verifiable confidence: high
No top-15 customer schedule was public. Retailer pages and company releases identify channels but not customer-level purchases, product ownership, timing, or margins.
| Relationship | Public evidence | Likely role | Diligence risk |
|---|---|---|---|
| Olive Young | No. 1 total-sales brand 2024-2025 in Mediheal release; Pulse says Olive Young sales topped KRW 100B. | Major Korean beauty retailer | Domestic channel concentration and promo/funding economics. |
| Target | Target search page shows masks, pads, and serums. | U.S. mass retail | Slotting, returns, chargebacks, inventory and promotional allowances. |
| Ulta Beauty | Ulta brand page lists 28 Mediheal products. | U.S. specialty beauty retail | Shelf productivity against broader K-beauty competitors. |
| Costco and Amazon | Company release/blog cites Costco and Amazon category momentum. | U.S. club retail and marketplace | Channel mix may affect gross margin, reviews, and inventory risk. |
| BTS / K-pop collaborations | Asia Marketing Journal described BTS collaboration; Soompi reported L&P's role in BTS trademark enforcement. | Brand-awareness driver | Celebrity/IP dependency and licensing or trademark disputes. |
| Checklist item | Public status | Risk | Priority |
|---|---|---|---|
| Top 15 customers | Not publicly available; public sources show channels/retailers only. | Unable to assess buyer concentration, renewal risk, or terms. | high |
| Revenue by customer above 5% | Not public; Olive Young sales >KRW 100B against KRW 300B revenue suggests a material channel but not customer-level revenue schedule. | Potential dependence on a few retail/distribution partners. | high |
| Current backlog and pipeline | Not public; U.S./Europe expansion and new retail pipeline described qualitatively. | Cannot forecast demand durability or inventory risk. | medium |
| Severed relationships | No significant severed customer/partner/supplier relationships found in reviewed public sources. | Absence of public evidence is not assurance; retailer delistings may not be public. | medium |
partially verified confidence: medium
Public strategic relationships include Olive Young, Target, Ulta, Costco/Amazon mentions, Shopify ecommerce infrastructure, and historical BTS collaboration. Contract terms and revenue contribution are not public.
| Channel | Public evidence | Growth lever | Key risk |
|---|---|---|---|
| Company-owned ecommerce | Mediheal.com Shopify storefront and policies. | Direct consumer relationship and data capture. | Privacy, platform dependence, CAC, fulfillment, returns. |
| Korean specialty retail | Olive Young sales >KRW 100B and No. 1 brand claims. | Domestic scale and trend credibility. | Channel concentration and promo allowances. |
| U.S. retail | Target and Ulta pages; company claims Costco and Olive Young U.S. collaboration. | Main path to renewed global growth. | Retailer economics, inventory, chargebacks, and competitive shelf. |
| Marketplace/category ranking | Company blog references Amazon Nemo Pad success; PR references Amazon Movers & Shakers for eye patch. | Demand discovery and reviews. | Marketplace fees, ads, counterfeits, review volatility. |
| International expansion | 36-country availability and U.S.-to-Europe strategy. | Geographic diversification from historical China dependence. | Regulatory, FX, distribution, localization, and working capital. |
not publicly verifiable confidence: high
No customer-level revenue schedule or 5% customer disclosure was public. Public proxy signals include Olive Young sales over KRW 100B, overseas revenue at 40%, and supplier dependency at LS Cosmetic.
not publicly verifiable confidence: medium
No significant severed customer, partner, or supplier relationship was found in reviewed public sources, but private retailer delistings, distribution terminations, or supplier changes may not be public.
partially verified confidence: medium
Top suppliers and purchase amounts are not public. Public evidence flags LS Cosmetic outsourcing/related-party exposure, Shopify ecommerce infrastructure, and a new Incheon factory plan.
| Dependency | Public evidence | Risk | Request |
|---|---|---|---|
| LS Cosmetic outsourcing | TopDaily reports KRW 61.7B outsourcing processing fees paid by L&P to LS Cosmetic; 86% of LS revenue from L&P. | Related-party economics, transfer pricing, single-customer/supplier dependency, succession optics. | Supplier agreements, board approvals, related-party footnotes, pricing benchmarks, quality SLAs. |
| Incheon factory | 10,500㎡ Namdong Industrial Complex factory planned to begin operations in late 2025. | Ramp-up, capex, utilization, permits, GMP/quality, and redundancy. | Capex budget, permits, commissioning reports, staffing, quality certifications, capacity plan. |
| Shopify ecommerce stack | Terms state store is hosted by Shopify. | Platform dependence, privacy/subprocessor, uptime, checkout control. | Shopify plan, subprocessor list, DPA, incident logs, performance metrics. |
| Top raw materials/component suppliers | Not public; company says it reinvests in R&D and component production. | Ingredient availability, quality, recalls, regulatory substantiation. | Top supplier list, purchase amounts, MSDS, quality audits, recalls, supplier concentration. |
Mediheal has credible brand scale and retail presence, but public Ulta data shows strong K-beauty competitors with larger assortments. Competition likely occurs on brand trust, ingredient claims, reviews, price/promotion, retail access, product formats, and speed of innovation.
verified confidence: high
In the sampled Ulta K-beauty skincare market, Mediheal lists 28 products versus COSRX 40, Peach & Lily 45, and ANUA 60. Mediheal's public strengths are mask heritage, toner-pad momentum, Olive Young recognition, and U.S. retail presence; weaknesses are unknown margins, shelf productivity, and broader competitor assortments.
| Brand | Ulta product count | Category posture | Diligence implication |
|---|---|---|---|
| MEDIHEAL | 28 | Skin care / K-beauty | Credible U.S. specialty retail presence but not the broadest assortment. |
| COSRX | 40 | K-beauty skincare | Larger SKU breadth can pressure shelf and search visibility. |
| PEACH & LILY | 45 | K-beauty skincare/body/gifts | Broader assortment and U.S.-native positioning may compete for premium K-beauty consumers. |
| ANUA | 60 | K-beauty skincare | Broadest sample competitor; high shelf/search competition. |
SKU count is a directional public benchmark only.
| Basis | Mediheal evidence | Strength | Open diligence issue |
|---|---|---|---|
| Brand heritage in masks | 3.3B sheet masks claimed; No. 1 mask ranking at Olive Young for 15 years. | high | Validate sell-through, repeat purchase, and margin by category. |
| Product breadth beyond masks | Toner pads, serums, PDRN, Madecassoside, collagen, patches, powder wash. | medium | Assess whether non-mask categories sustain margins or depend on promotions. |
| Retail distribution | Ulta 28 products; Target listings; company claims Target/Ulta/Costco and 36 countries. | medium-high | Review retailer contracts, POS data, promo allowances, and delisting clauses. |
| R&D/beauty-science claim | About page emphasizes R&D; PatSnap reports 103 patents. | medium | Patent quality, clinical substantiation, formulation ownership, and regulatory claims. |
Public evidence supports a multi-channel GTM strategy: domestic Korean specialty retail, U.S. mass/specialty retail, ecommerce/marketplace, celebrity/brand collaborations, and international expansion. Sales productivity, budgets, CAC, sales compensation, pipeline, and customer-level economics are not public.
partially verified confidence: medium
Mediheal positions around K-beauty dermocosmetic/beauty-science products, localizes for U.S. preferences, and is expanding through Target, Ulta, Costco, Amazon, Olive Young, direct ecommerce, and 36-country availability. Public marketing programs include BTS legacy collaboration and Madecassoside/toner-pad hero lines.
| Program | Public evidence | Likely objective | Risk/validation |
|---|---|---|---|
| BTS global collaboration | Asia Marketing Journal says the BTS collaboration generated primary demand and global channel networks. | Global brand awareness and K-pop fan conversion. | Celebrity licensing economics, brand dependence, current repeat purchase. |
| Madecassoside hero line | PR release reports Madecassoside Blemish Pad ranked No. 1 in category and serum sales increased 820% within one year of launch. | Scale proven ingredient family from Korea to U.S. | Base effect, gross margin, retailer sell-through, claims substantiation. |
| Nemo Pad / pad-format localization | Company blog says U.S. consumers responded to pads, not only sheet masks. | Adapt product format to U.S. preferences. | Category fad risk and pad/serum cannibalization. |
| Factory and R&D reinvestment narrative | Management says most profits are reinvested into R&D and component production. | Signal quality, innovation, and capacity control. | Actual R&D spend, returns on capex, and quality systems. |
partially verified confidence: medium
Major customer relationships are visible only through public channel evidence, not financial schedules. Olive Young, Target, Ulta, Costco/Amazon, and direct ecommerce appear important, but pipeline and future growth economics are not public.
partially verified confidence: medium
Public sources point to retailer expansion, direct ecommerce, category awards, marketplace rankings, K-pop/celebrity brand awareness, product localization, and U.S./Europe expansion as new-business avenues.
not publicly verifiable confidence: medium
No sales compensation, quotas, sales-cycle, or new-hire plan was public. Consumer/retail brand expansion likely relies on trade marketing, ecommerce, key accounts, and distributors rather than a SaaS-style sales force.
| Area | Public status | Why it matters | Request |
|---|---|---|---|
| Employment agreements | Not public. | Key-person retention and non-compete/IP assignment risk. | Key executive agreements, inventions assignments, non-compete/non-solicit terms. |
| Compensation and benefits | Not public. | Retention, margin, and labor-law compliance. | Comp bands, bonus plans, benefits, severance obligations, payroll tax review. |
| Incentive stock plans | Not public. | Dilution, retention, and employee alignment. | Option/equity plan, grants, vesting, strike prices, board approvals. |
| Turnover and employee relations | Not public; no public employee-relations issue found in reviewed sources. | Quality, morale, continuity, regulatory exposure. | Turnover, attrition reasons, grievances, litigation, whistleblower reports, survey data. |
not publicly verifiable confidence: medium
Public sources indicate international expansion is a top priority and most profits are being reinvested into R&D/component production, but budgets, cash runway, and trade-spend capacity are not public.
Mediheal publicly positions itself as a beauty-science/R&D-led brand and has public IP and factory-capacity signals. However, R&D budget, personnel, roadmap, development cost, critical technology, formula ownership, regulatory substantiation, and quality systems are not public.
partially verified confidence: medium
Company and academic sources emphasize R&D, product leadership, and operational excellence. Public patent and trademark data provide capability signals, but key R&D personnel, budget, facilities, validation protocols, and quality systems are not public.
| Capability | Public evidence | Status | Key diligence request |
|---|---|---|---|
| R&D positioning | About page describes Mediheal as beauty science with ongoing R&D. | partially_verified | R&D org chart, personnel resumes, budget, lab facilities, formulation files. |
| Patent portfolio | PatSnap says L&P Cosmetic has 103 patents. | verified | Patent family list, claim charts, maintenance fees, encumbrances, freedom-to-operate. |
| Component production/factory | 10,500㎡ Incheon factory planned; management says profits reinvested into R&D and component production. | partially_verified | Capex budget, commissioning, GMP/ISO records, quality metrics, supplier qualifications. |
| Operational excellence | Asia Marketing Journal cites strategic outsourcing and partnership management. | partially_verified | Outsourcing contracts, pricing/transfer pricing, SLAs, failure/recall history. |
partially verified confidence: medium
Public pipeline signals include PDRN products, steam/warm mask concepts, Madecassoside serum growth, and capacity expansion. Development cost, launch timing, regulatory substantiation, and technical dependencies are not public.
| Pipeline signal | Timing/status | Critical technology or dependency | Risk |
|---|---|---|---|
| PDRN category | Product catalog shows PDRN category; Target shows PDRN products/new listings. | Ingredient sourcing, claims substantiation, product safety. | Regulatory/claim scrutiny and fad risk. |
| Steam/warm mask concept | Company blog describes new steam mask pack redefining mask usage. | Thermal safety, consumer instructions, packaging stability. | Safety/claims validation and consumer adoption. |
| Madecassoside serum scale-up | PR release claims 820% sales increase within one year of launch. | Retail roll-out, clinical claims, formulation ownership. | Base-effect growth and inventory risk. |
| Factory-enabled capacity | Late-2025 factory start planned in public sources. | Production lines, component production, QA/QC. | Commissioning delays, capex overruns, transfer from outsource partners. |
Public evidence identifies selected leaders and a 240-employee 2025 headcount, but the formal org chart, board, management bios, employment agreements, compensation, incentive plans, employee-relations history, and turnover are not public. The TopDaily related-party article makes succession/governance diligence especially important.
not publicly verifiable confidence: medium
No formal org chart, board roster, reporting lines, or department-level structure was public. Public sources identify selected executives and related-party personnel only.
| Person/role | Source evidence | Diligence read-through | Verification status |
|---|---|---|---|
| Kwon Oh-sub / Oh Sub Kwon | Company blog quotes L&P Cosmetic Chairman Kwon Oh-sub; D&B lists key principal Oh Sub Kwon. | Founder/chairman/principal concentration likely material. | partially_verified |
| Kim Soon-won | Company blog quotes Mediheal CEO Kim Soon-won on overseas expansion and familiar novelty. | Operational/brand strategy leader in 2025 public materials. | partially_verified |
| Johanna Kim | 2026 PR release quotes Johanna Kim, CEO and Creative Director of Mediheal. | Role evolution or U.S./brand leadership should be clarified. | partially_verified |
| Kwon Hyuk-je | TopDaily reports Kwon Hyuk-je holds 9.79% of LS Cosmetic and participates as an inside director. | Related-party/succession governance issue requiring board and transfer-pricing review. | partially_verified |
| Topic | Public evidence | Status | Required follow-up |
|---|---|---|---|
| Current headcount | Company blog says workforce grew to 240 employees as of 2025. | partially_verified | Request HRIS export by function/location, contractors, openings, and 2026 plan. |
| HQ/location | Mediheal about page and D&B point to Seoul/Gangseo-gu address. | verified | Confirm legal entity address, leases, facility footprint, and regional offices. |
| Org chart | No full organization chart, board roster, reporting lines, or department head list found. | not_publicly_verifiable | Request org chart, board list, management bios, succession plan, and decision-rights matrix. |
| Historical/projected headcount | Only 2025 headcount point found; no historical series or projections. | not_publicly_verifiable | Request monthly headcount by function/location for 24 months and hiring plan. |
partially verified confidence: medium
The only public headcount datapoint found is 240 employees as of 2025. No function/location split, contractor count, historical trend, or hiring plan was public.
partially verified confidence: medium
Public sources identify Kwon Oh-sub/Oh Sub Kwon, Kim Soon-won, Johanna Kim, and Kwon Hyuk-je in various contexts. Full biographies, tenure, age, board roles, employment history, and ownership are not public.
not publicly verifiable confidence: high
No key employment agreements, compensation arrangements, benefits, severance obligations, or retention plans were public.
not publicly verifiable confidence: high
No option plan, equity incentive plan, grant ledger, vesting schedule, or dilution schedule was public.
not publicly verifiable confidence: medium
No public employee-relations problems were found in reviewed sources, but public web research does not cover internal grievances, labor claims, whistleblower matters, or factory safety incidents.
| Area | Public evidence | Risk | Diligence request |
|---|---|---|---|
| Cosmetics regulatory compliance | Product pages and policies public; no regulatory correspondence or recall files found. | Claims substantiation, labeling, ingredient restrictions, importer responsibility. | Regulatory matrix by country, PIF/safety reports, claims substantiation, recall history. |
| Environmental/employee safety | No public environmental or employee-safety liabilities found; manufacturing/factory plans are public. | Factory ramp, chemical handling, worker safety, permits. | EHS permits, inspections, incident logs, MSDS, OSHA/Korean labor records, factory audit. |
| Insurance | No insurance coverage details public. | Product liability, recall, cyber/privacy, D&O, cargo, property coverage unknown. | Policies, limits, exclusions, claims history, broker letter. |
| Regulatory agency problems | No agency-problem history found in reviewed sources; privacy policy shows cross-border transfer obligations. | Absence of public evidence is not a legal clearance. | Counsel memo, regulator correspondence, customs/import records, privacy complaints, consumer protection inquiries. |
not publicly verifiable confidence: high
Personnel turnover for the last two years and retention/benefit plans are not public.
Public legal evidence includes trademarks, patent aggregates, web terms, privacy/refund policies, and historical trademark litigation reporting. No public materials reviewed established current pending lawsuits against the company, regulatory agency problems, environmental/safety liabilities, insurance coverage, or material contracts. Related-party allegations, IP maintenance, privacy, product claims, and factory/supplier compliance require counsel-led diligence.
not publicly verifiable confidence: medium
No current pending lawsuit against L&P Cosmetic was found in reviewed public sources, but no official docket search or counsel letter was available.
| Matter | Public evidence | Status | Diligence action |
|---|---|---|---|
| Pending lawsuits against L&P | No current pending lawsuit against the company found in reviewed public sources. | not_publicly_verifiable | Run Korean/US/EU court and IP tribunal searches; request counsel letter. |
| Lawsuits initiated by L&P | Soompi reported Big Hit and L&P filed a trademark invalidation lawsuit against DREAMS KOREA in October 2019. | verified historical report; current status unknown | Obtain official tribunal/court file and outcome. |
| Related-party allegations | TopDaily article alleges family-company work allocation/internal-transaction concerns; not a lawsuit in reviewed source. | partially_verified | Request company response, board minutes, special committee review, audited related-party footnotes. |
| Consumer/product claims | Refund policy and terms publicly posted; no public product-liability docket reviewed. | not_publicly_verifiable | Request complaints, recalls, product-liability claims, insurance, and regulatory correspondence. |
partially verified confidence: medium
Soompi reported L&P Cosmetic and Big Hit filed a trademark invalidation lawsuit against DREAMS KOREA in 2019. Current status and any other company-initiated matters are not public from reviewed sources.
not publicly verifiable confidence: medium
No environmental or employee-safety liabilities were public. The planned factory and cosmetics manufacturing context require EHS, chemical handling, safety, and permit review.
verified confidence: high
Public IP sources show registered and pending MEDIHEAL-related marks, a cancelled LABOCARE registration, and a 103-patent aggregate. Official IP records, claim charts, licenses, encumbrances, and FTO review are required.
| Asset | Public status | Owner/source | Diligence implication |
|---|---|---|---|
| MEDIHEAL EU trademark | Registered; EUTM application 014837405; filed Nov. 26, 2015; registered Mar. 14, 2016; owner L&P COSMETIC CO., LTD.; Class 003. | TrademarkElite mirror of EUIPO data | Core brand protection in Europe appears active; official EUIPO file needed. |
| MEDIHEAL trademark application | Justia serial 79407523, Class 003 goods including cosmetics, beauty masks, mask packs, cosmetic pads. | Justia Trademarks | Review status, refusals/oppositions, Madrid/USPTO file history. |
| LABOCARE U.S. trademark | Registration 5365477; cancelled Section 8 July 12, 2024. | Furm/USPTO mirror | Portfolio maintenance lapse; check materiality and other lapses. |
| Patent portfolio | PatSnap says L&P Cosmetic has total 103 patents. | PatSnap Discovery | Need patent-family list, claim scope, maintenance, encumbrance, and FTO analysis. |
not publicly verifiable confidence: high
No insurance policies, coverage limits, exclusions, D&O, product liability, recall, cyber, cargo, or property coverage details were public.
partially verified confidence: medium
Public policies identify L&P as website operator and Shopify as ecommerce platform, but material retailer, supplier, factory, license, financing, employment, insurance, and related-party contracts are not public.
| Document/contract area | Public evidence | Risk | Follow-up |
|---|---|---|---|
| Terms of service | Website operated by L&P Cosmetics Co., Ltd.; store hosted on Shopify. | Consumer terms, platform dependence, liability limits. | Review full terms, governing law, marketplace terms, Shopify/Reach agreements. |
| Privacy policy | Last updated Feb. 10, 2026; describes Shopify, marketing, security/fraud, international transfers, rights. | CCPA/GDPR/privacy compliance and subprocessor exposure. | DPA, RoPA, DPIA/TIA, cookie consent logs, breach history, vendor list. |
| Refund policy | Returns accepted within 30 days; saleable condition discretion. | Consumer law, returns reserve, retailer return exposure. | Return/chargeback rates by channel, warranty reserve, complaints. |
| Material contracts | Retailer, supplier, license, employment, insurance, financing, and factory contracts are not public. | Cannot diligence obligations, termination, exclusivity, change-of-control, or economics. | Request material-contract list and executed agreements. |
not publicly verifiable confidence: medium
No regulatory agency problems were found in reviewed public sources. Privacy policy confirms cross-border data processing and rights obligations. Cosmetics claims, product safety, privacy, customs, and consumer protection require formal review.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights listed L&P Cosmetic as a South Korea/Seoul Consumer & Retail unicorn with a $1.19B valuation and January 1, 2016 unicorn date. | verified high | SRC-001 |
| EC-002 | CB Insights profile describes L&P Cosmetic as founded in 2009, based in Seoul, at Corporate Minority - III | Alive stage, with $118.64M total raised. | verified high | SRC-002 |
| EC-003 | A July 2024 Korea Times article excerpt described L&P Cosmetic as considering whether to revive IPO efforts, implying no completed IPO at that time. | partially verified medium | SRC-003 |
| EC-004 | Pulse reported Mediheal/L&P public performance signals including 2024 revenue of KRW 300B, 54% YoY growth, Olive Young sales above KRW 100B, U.S. sales tripling, China once representing 75% of revenue, 3.1B cumulative mask-pack sales, and a 10,500㎡ Incheon factory plan. | verified high | SRC-004 |
| EC-005 | Mediheal's company blog states L&P Cosmetic was founded April 22, 2009, had 240 employees as of 2025, delivered 3.1B mask packs, tripled U.S. sales in 2024, generated 40% of revenue overseas, planned a 10,500㎡ Incheon factory, and targeted KRW 1T sales by 2028. | partially verified medium | SRC-005 |
| EC-006 | A January 2026 Mediheal press release claims 3.3B sheet masks sold globally, 32M toner pads sold, 36-country availability, No. 1 Olive Young total-sales brand for 2024-2025, and U.S. sales through Ulta Beauty, Target, and Costco. | partially verified medium | SRC-013 |
| EC-007 | Mediheal's own product catalog shows a broad skincare product surface across toner pads, masks, ampoules/serums, Madecassoside, Collagen, Tea Tree, PDRN, spot patches, powder wash, and eye patches with retail prices from roughly $7 to $39.90 on sampled items. | verified high | SRC-007 |
| EC-008 | Target and Ulta public retail pages show Mediheal products available in U.S. retail channels, with Ulta listing 28 products and Target showing masks, toner pads, and serums. | verified high | SRC-008SRC-009 |
| EC-009 | Ulta storefront breadth shows Mediheal at 28 products versus COSRX 40, Peach & Lily 45, and ANUA 60, indicating intense K-beauty shelf competition. | verified high | SRC-009SRC-010SRC-011SRC-012 |
| EC-010 | Company and academic sources describe Mediheal as beauty-science/R&D-led, with product leadership, R&D capability, strategic marketing, operational excellence, outsourcing, and partnership management as historical success factors. | partially verified medium | SRC-006SRC-015 |
| EC-011 | Mediheal's BTS collaboration has public support from an academic case; Soompi separately reported L&P Cosmetic joined Big Hit in a BTS trademark invalidation lawsuit against DREAMS KOREA in 2019. | verified medium | SRC-015SRC-024 |
| EC-012 | Public IP sources show a registered EU MEDIHEAL mark, a Justia MEDIHEAL application record, a cancelled U.S. LABOCARE registration, and a PatSnap aggregate of 103 L&P Cosmetic patents. | verified high | SRC-016SRC-017SRC-018SRC-019 |
| EC-013 | Mediheal web policies state the site is operated by L&P Cosmetics Co., Ltd., hosted by Shopify, process personal information under a February 10, 2026 privacy policy, and accept returns within 30 days subject to saleable condition. | verified high | SRC-020SRC-021SRC-022 |
| EC-014 | TopDaily alleged sizeable related-party/internal transactions between L&P Cosmetic and LS Cosmetic, including KRW 61.7B in outsourcing processing fees, 86% of LS Cosmetic revenue from L&P, L&P's 29.07% stake, and Kwon Hyuk-je's 9.79% stake. | partially verified medium | SRC-014 |
| EC-015 | Dun & Bradstreet lists L&P Cosmetic Co., Ltd. with key principal Oh Sub Kwon, Seoul address at 516 Gonghang-daero, and cosmetics/wholesale industry classification. | verified medium | SRC-023 |
| EC-016 | Top-customer lists, customer-level revenue concentration, revenue by customer above 5%, backlog, severed-relationship history, and supplier contract terms were not publicly available in reviewed sources. | not publicly verifiable high | SRC-004SRC-006SRC-008SRC-009SRC-013 |
| EC-017 | Audited financial statements, quarterly statements, margin, cash, debt, burn, runway, current shares outstanding, option plan, and debt instruments were not publicly available in reviewed sources. | not publicly verifiable high | SRC-001SRC-002SRC-004SRC-005 |
| EC-018 | Public operations evidence points to both strategic outsourcing/partnerships and new internal production capacity, including a 10,500㎡ Incheon factory planned for late 2025. | partially verified medium | SRC-004SRC-005SRC-014SRC-015 |
| EC-019 | Public sources show international growth and concentration shifts: China once accounted for 75% of revenue, overseas sales were 40% of revenue, U.S. sales tripled in 2024, and management described U.S. success as a springboard to Europe. | partially verified medium | SRC-004SRC-005 |
| EC-020 | No public evidence in reviewed sources established material regulatory agency problems, environmental liabilities, employee-safety liabilities, insurance coverage, or current pending lawsuits against L&P Cosmetic. | not publicly verifiable medium | SRC-020SRC-021SRC-022SRC-024 |
| EC-021 | Public management signals identify Kwon Oh-sub as chairman, Kim Soon-won as CEO in 2025 company material, Johanna Kim as CEO and Creative Director in a 2026 release, and Kwon Hyuk-je as a related-party LS Cosmetic director/shareholder in TopDaily reporting. | partially verified medium | SRC-005SRC-013SRC-014SRC-023 |
| EC-022 | Mediheal claims durable brand/product traction, including 3.3B sheet masks, 32M toner pads, Olive Young No. 1 mask ranking for 15 consecutive years, and No. 1 total sales at Olive Young for 2024-2025. | partially verified medium | SRC-013 |
| EC-023 | Public competitor storefront data shows Mediheal competes in a crowded K-beauty skincare category where ANUA, Peach & Lily, and COSRX have larger Ulta SKU counts. | verified high | SRC-009SRC-010SRC-011SRC-012 |
| EC-024 | The best public evidence available in this run supports L&P Cosmetic remaining active/private: CB Insights labels it Alive/Corporate Minority, PressReader/Korea Times described an IPO only as a possible revived effort in July 2024, and no reviewed public source showed a completed IPO, acquisition, or shutdown. | partially verified medium | SRC-001SRC-002SRC-003SRC-023 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.