ALL NOVEL 63
“Good afternoon, I’m Park Hyun-il from BeautyClip. I’d like to thank the representatives of KW Partners for giving us another opportunity.”
A month later, Park Hyun-il was delivering a presentation at a financial company’s office in Yeouido.
This was a presentation for the venture capital firm that had previously rejected their investment proposal. Park had practically begged for another chance and was finally granted this opportunity.
“This year marks the third anniversary of our app’s development, and BeautyClip aims to scale up and solidify our position as the industry leader.”
Park Hyun-il continued his presentation with a confident expression, addressing the investment company representatives.
“BeautyClip has seen a 40% increase in daily app users compared to the same period last year, currently recording 150,000 daily active users.”
The venture capital representatives receiving the presentation looked surprised from the start. Despite having met with Park Hyun-il several times before, his presentations had always focused on claiming they were innovating.
This time, he was presenting numbers right from the beginning.
“As you know, while last year’s significant sales were limited to basic skincare and body care products due to the pandemic, this year we’re seeing a pent-up effect (revenge spending) on color cosmetics, with expectations of being able to go mask-free.”
Park Hyun-il was displaying figures comparing cosmetic sales volumes within the platform to the same period last year.
“Particularly during this year’s special discount period, our daily user count reached 300,000, with about 30% of accessing users making direct purchases on the site. Most bought basic skincare products along with color cosmetics predicted to be trendy this year, resulting in over 60% sales increase compared to last year’s discount period.”
The director accompanying Park Hyun-il to this meeting observed the investment company representatives’ reactions.
In stark contrast to his previous passionate talks about innovation, Park Hyun-il’s presentation today was calm and perhaps even boringly focused on numbers. However, the investment company representatives seemed more engaged than usual.
“Riding on the growth in cosmetics sales, about nine major cosmetics companies are scheduled to join our shopping mall in the second half of this year.”
The screen displayed logos of the incoming cosmetics companies, ranging from luxury brands to mid-range ones, seemingly addressing the concern about the limited number of brands on BeautyClip that had been a weakness in previous discussions.
“I can confidently say that BeautyClip’s strength lies in its high operating profit margin.”
Park Hyun-il was not just explaining and showing the point Dokyung had highlighted to the investment company representatives; he was emphatically presenting it as a clear strength.
Rather than insisting on their belief in innovation, he was demonstrating that they were running a profitable business.
Dokyung had pointed this out because he believed investors didn’t care whether there was innovation or not.
‘Investors are like hyenas.’
Dokyung’s words had changed Park Hyun-il’s perspective. What mattered to them was whether the prey before them looked appetizing.
And their primary concern was whether they could multiply their invested money and exit safely.
What they desired wasn’t innovation itself, but the money earned from the monopolistic position resulting from innovation.
In that respect, BeautyClip was making money.
From the investment company’s standpoint, it was bound to be enticing.
Park Hyun-il continued to introduce the company to the investment representatives, focusing on the numbers in the financial statements as Dokyung had advised.
“This concludes BeautyClip’s investment presentation.”
As Park Hyun-il’s presentation ended, the highest-ranking investment company representative began to clap slowly, followed by the others.
“Today’s presentation seemed more informative than usual. We’ll convene our internal investment review committee and inform you of the results. Thank you for your hard work.”
Park Hyun-il smiled and bowed at the investment company representative’s favorable words.
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Tap-tap-tap-
The sound of keyboard typing was the only noise permeating the Personal Asset Management Team 3 office, making it seem no different from any other company.
No, if there was a difference from other companies, it was the high partitions at each desk, indicating that this was part of a securities firm where individual work was highly valued.
“Yoon Dokyung-ssi.”
“Yes, Team Leader.”
“For today’s market closing data report, why don’t you prepare……”
Knock-knock-
Just as the team leader was about to give instructions to Dokyung, there was a knock, and the office door opened to reveal a familiar face.
Dokyung, who had been casually looking at the door, stood up with a surprised expression.
“Client.”
“Ah, PB-nim. I’m sorry for coming without an appointment.”
The client who entered the office was Park Hyun-il. Dokyung introduced him to his team members.
“This is CEO Park Hyun-il of BeautyClip.”
At Dokyung’s introduction, everyone stood up to greet him, and Park Hyun-il smiled and returned the greeting.
“I’d like to have a moment with you, if possible.”
At Park Hyun-il’s words, Dokyung looked at the team leader, and Seo Jeonghwan nodded.
Dokyung grabbed his notebook and pen and led Park Hyun-il to the client meeting room.
“I’m sorry for suddenly showing up after a month.”
Dokyung took a drink from the refrigerator in the corner of the room and placed it in front of Park Hyun-il, looking at him.
“Not at all. I’m grateful you came.”
A month ago, after meeting Park Hyun-il and returning without any follow-up contact, Dokyung had thought that either his words weren’t understood or his attitude wasn’t appreciated.
“I’m glad you seem to have really been waiting for me.”
Saying this, Park Hyun-il took out a file from his bag.
“I can’t show you the contents, but I’d like you to see just the cover.”
At Park Hyun-il’s words, Dokyung looked at the file he handed over with a puzzled expression, then his eyes widened.
[Investment Contract]
It was the first time these five simple words, written plainly without any flowery language, had seemed so welcome.
“Could it be……”
“Yes. Don’t be too surprised. It’s a Series C investment contract, no less.”
At Park Hyun-il’s following words, Dokyung clapped his hands with a bright smile.
“Congratulations! That’s wonderful.”
“We applied for a Series B investment of 5 billion won, but the investment company actually made a counter-proposal.”
Venture investments are typically divided into seed, pre-series, series, and strategic investments.
Among these, the series ranges from A to E stages. The Series B that Park Hyun-il mentioned refers to investments sought by companies that are already providing services and have gained recognition, aiming to increase market share through workforce or business expansion.
“They said it’s the right timing for Series B, but wondered if we could skip straight to C.”
Series C involves larger-scale expansion methods than B. Naturally, the investment amount is also larger than B.
“13 billion won. We’ve agreed to receive an investment of 13 billion won. It’s a huge sum, more than half of our annual revenue.”
“I sincerely congratulate you.”
Looking at Dokyung, who seemed as happy as if it were his own success, Park Hyun-il couldn’t contain his elated emotions.
“This is all thanks to you, PB-nim.”
“What do you mean? It’s BeautyClip that’s being recognized for its value.”
“No, it was you who shifted my perspective that was too fixated on innovation.”
Park Hyun-il looked at Dokyung with a seemingly sincere expression.
“While drafting this investment contract, I had the chance to talk with the investment company’s CEO. He said they always had confidence in our business.”
Dokyung nodded at Park Hyun-il’s words. People in venture capital aren’t fools. There were plenty of people smarter than Dokyung, and they must have already viewed BeautyClip favorably.
“But the CEO said they couldn’t trust me.”
“……”
“He said that seeing a platform CEO who could potentially achieve a monopolistic position in the industry by maintaining the current business and expanding into related areas, yet kept shouting about innovation, made them worry I might ruin the company by pursuing other ventures.”
It seemed the investment companies wanted a direction that would increase current revenue. After all, it was a business with guaranteed high operating profits if done that way.
But they apparently couldn’t trust Park Hyun-il, who kept talking about innovation.
“The company became successful right after we started four years ago. I thought it was inevitable because I had been thinking about and deciding the company’s direction even before that.”
Dokyung nodded and listened to Park Hyun-il’s words.
“So I thought what we were doing was both business and innovation.”
“It was innovation at the time. There was nothing like putting customer reviews at the forefront and connecting that to consumption.”
“I think I was intoxicated by such praise. After establishing ourselves, I forgot that I was running a business.”
When Dokyung first met Park Hyun-il, he thought he was an incredibly enlightened person. In fact, Dokyung had never had such discussions about innovation with anyone before.
However, such a progressive attitude can sometimes act as a source of instability. This is especially true when entering a period of stability.
“But…… a month ago, what you said shattered the blinders covering my eyes. I thought I had a broad perspective, but in reality, I was a fool who couldn’t see what was around me.”
“……”
“Thank you. I mean it sincerely.”
As Park Hyun-il bowed his head in gratitude, Dokyung also smiled and bowed in return.
“And I felt that if I entrusted my assets to someone like you, at least I wouldn’t lose them.”
Dokyung smiled brightly at Park Hyun-il’s words.
“Can I trust that you’ll turn my imagination into reality?”
“Yes. I’ll help ensure your assets are stably protected and, furthermore, assist in growing them.”
“Excellent. Let’s sign the contract.”
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Seo Jeonghwan, the team leader of Personal Asset Management Team 3, seemed distracted and unable to focus on his work.
A month ago, his team member had met with a client for the second time but reported that the contract had failed again.
The fact that the client had come to the office a month later made him think a lot.
‘I hope he didn’t make a mistake…….’
Of course, being assigned to the Leaders Center meant that the employee’s abilities were recognized by the company. However, there was a gap between regular branches and the Leaders Center.
Some people argued that it was all the same sales work, but high-net-worth individuals were often peculiar.
They had strong pride because they had made their fortunes based on their own worldviews.
‘Surely he didn’t agree to the request?’
As Seo Jeonghwan was worrying, the office door opened and Dokyung entered.
“I’m sorry. An unexpected meeting came up……”
Dokyung bowed his head to Seo Jeonghwan, seemingly apologetic for this occurrence right when the team leader was about to give him instructions.
“Isn’t that the client you failed with last time? The one who asked to be connected to the IB Division……”
“Yes, that’s correct.”
“You failed to secure a contract twice, so why did the client come back?”
“He came to sign a contract.”
Seo Jeonghwan wondered if he had misheard Dokyung’s words.
“What did you say?”
“He signed an asset management service contract. The amount entrusted is 2.5 billion won.”
At Dokyung’s words, everyone in the office looked at him in surprise.