Founder Alicia Yoon had severe eczema and wanted to create a brand that offers clean, potent active ingredients (like concentrated glycolic acid and retinoids)—but crafted in formulas that allow even those with sensitive skin to use without irritation. The goal was zero trade-off in potency and gentleness.
This requires deep innovation because we want to offer solutions that do not currently exist. Our product development process is therefore, different, than what is typically seen in beauty brands. Our process looks more like a deep-dive innovation research project. That’s how we craft unique solutions that are patent pending and truly breakthrough in offering zero-compromise testaments.
Brand Founder: Alicia Yoon
Founded: 2012 company launch and 2018 brand launch
Leadership:
2023 Full Year Expected Revenue Range: $75MM to $100MM
Categories: Skincare, Body Care, Tools
Distribution Channel: Prestige, Mass, Drugstore, Amazon
Funding Rounds: Private Equity
In February 2020, Peach & Lily took its first big investment from Sandbridge Capital.
Notable Investors: Sandbridge Capital
Notable Advisors: Ken Suslow
What are some of your key business initiatives for 2023?
We recently launched a campaign where real people are sharing real beauty secrets with each other. Our survey of 3,000+ people showed that 86% feel negative emotions about their skin, and 93% feel more self-acceptance when they know their struggles are normal. This campaign is about helping each other go from self-doubt to self-acceptance to empowerment. So, we share beauty secrets to show we’re all in this together. We took this zero filter, zero makeup campaign of just real skincare talk to one of the most public places —the NYC subway. 2023 will continue to build on this campaign to break down these barriers and promote self-acceptance.
We also have exciting launches planned that build off patent-pending technologies.
Finally, we will focus on more community building and lead more conversations about acne and specific skincare issues. Peach Slices (one of our two household brands) and Acne Spot Dots is the #1 best-selling blemish solution in CVS, Walmart, and Ulta Beauty. We plan to support our products with a more vibrant community discussing, educating, and sharing about these related skincare topics.
What are you most proud of having accomplished?
While there are so many achievements the brand has made—becoming a top ten brand at Ulta Beauty in less than one year, for example—I am most proud of the team and culture we have built. Nothing happens without teamwork, and building the right team and culture takes conscientious effort and constant reinforcement. We have an entrepreneurial culture where everyone is empowered to take risks, share ideas, and reach for big goals. We celebrate each other and our team wins. I love our team and culture and am so proud of our Peach & Lily team.
What has been the biggest surprise since the brand was founded?
So many surprises! As one of the pioneers of the Korean Beauty movement, I wasn’t sure if Korean Beauty would be received in such a mainstream way. When I first founded the company, “K-Beauty” was not a term and there was such little knowledge on Korean Beauty. I was so delightfully surprised to see how deeply Korean Beauty resonates here in the US. Peach & Lily was the first to bring K-Beauty to QVC, Barney’s, Target, Macy’s, Sephora (launched their K-Beauty section), CVS, Urban Outfitters, and more. Never in my wildest dreams did I picture building out full blown Korean Beauty sections and shop in shops within these mega retailers.
Our business has evolved to focus on our two household brands that are powered by Korean Beauty innovations. But one thing that has stayed with me is seeing that relevant innovation is what customers love. This is what drives us to focus relentlessly on innovation.
What aspect of your brand DNA fuels your competitive advantage?
Our Korean Beauty heritage, rooted in innovation, is a key competitive advantage for us. I also think from the beginning, we’ve had to think outside the box. There was no playbook for how to build the Korean Beauty movement. We don’t shy away from hiring outside-the-box people who don’t necessarily have a beauty background because one of our competitive advantages is thinking differently and not accepting the status quo—whether it's what's possible for formulas to what kind of marketing campaigns make sense to how we collaborate as a team.
Please share your insight on the future of the beauty industry.
I love where the beauty industry is headed. Compared to ten years ago, the deep desire for education in skincare is wonderful to see. As content proliferation continues to speed up with an overwhelming amount of content, I believe when it comes to skincare, it’ll be increasingly important to be a trusted voice. And that trust has to be earned every day. This means deep research into clinical studies, always presenting accurate information, providing that balanced viewpoint even if it might not be as sensationalist, and going that extra mile to be transparent.
What is the best piece of advice you’ve been given?
Run to your problem. At the start of each day when your mind is freshest, tackle that pressing problem. Don’t avoid it, don’t delay it. Deal with it because it doesn’t allow problems to build on top of each other and it clears up your mind space to have a more productive day. This has been incredibly helpful and practical advice that a mentor shared with me almost ten years ago—and I still lean on this everyday.
Paying it forward, what advice would you give to someone contemplating launching a beauty brand?
If you’re passionate, ready to hustle, and work hard, go for it! Half the battle is starting something. There are very few decisions that are fatal to a business. You can always learn as you go, pivot along the way, and course correct when needed. Don’t be afraid to take action, but stay vigilant on evaluating decisions and actively learn from everything. Remember to celebrate your wins, have fun along the way, and when it gets hard (and it will), make sure you have your tribe around you for support. And try to hire people who are way smarter than you and better than you at what they do. That’s how you level up your company. You can do it!
If you could change one thing in the beauty industry what would it be?
I think the beauty industry would benefit from more robust regulations. Specifically, around two things: 1) manufacturing standards and 2) specific terms used commonly in the industry (like “clean,” “safe for sensitive skin,” “clinically proven”) because this would make things less confusing for customers.
