CROSBY Research – YesAsia (2209 HK): Riding on the growing K-Beauty popularity

09 Apr 2024

YesAsia’s FY23 revenue increased by 56.6% YoY to US$201m, driven by i) a significant increase in E-commerce platform customers from 1.02m in FY22 to 1.45m in FY23; and ii) average order size up from US$77.0 in FY22 to US$80.5 in FY23. Revenue from its main B2C platform YesStyle recorded a 44% YoY increase and was still the largest topline contributor (FY23: 79%; FY22: 85%) with overall sale orders up by 52% YoY, while its B2B platform AsianBeautyWholesale soared 234% YoY to US$38.8m and accounted for 19% of FY23 total revenue (FY22: 9%), on the back of i) 90% YoY increase in number of customers; ii) 143% YoY increase in number of orders; and iii) average order size up 39% YoY.