Ovang
BusinessInternship Goal
The objective of internship is to conduct an in-depth competitor analysis of key players in the K- beauty market. The primary goal is to understand their success mechanisms in the US and global markets, especially in terms of their launch strategies, digital marketing approaches (like TikTok and email marketing), and overall market dynamics.
Company One-liner
“Korean skincare disrupting US beauty industry”
Ovang seamlessly integrates 'Ohbangsaek', the five fundamental colors from East Asian philosophy, into modern skincare. Our brand prioritizes in finding harmony and balance, targeting the 25-39 age demographic. We focus on providing essential, nature-derived skin health solutions, blending effectiveness and authenticity. This unique approach positions Ovang to be the ideal choice for young adults seeking a natural skincare regimen that is aligned with their busy lifestyle.
CEO & Mentors
Julia Sojung Lee, CEO
•Founder of OVANG, a skincare brand under Hence Beauty
•Co-founder of Depology, a successful US skincare brand
•13 years of experience in the consumer staples industry, with extensive expertise in finance and business strategy
•Master's in finance and strategy from the University of Oxford and a B.S. in Finance from Penn State University
Jung-Soo Lee, COO
•Samsung Electronics, System Engineer, 5+ Years
•5 Listed AI System Patents
•KAIST, Electrical Engineering, M.S.
•Hanyang University, Electrical Engineering, B.S.
Syllabus
Session 1-1
Introduction to the project and Ovang brand, team roles, and overview of competitor analysis. Analyze Anua and Cosrx’s launching strategies through their website, social media channels, and published articles. Research Drunk Elephant, focusing on their website, social media channels, and articles, analyzing why they could excel over others, and research the founder's vision, company values, and mission.
Session 1-2
Review Anua and Cosrx’s analyses; discuss strengths and areas for improvement. Research Manyo and Beauty of Joseon (BOJ) using similar methods.
Session 2-1
Evaluate Manyo and BoJ research findings. Analyze Drunk Elephant and The Ordinary, focusing on their success factors, founders' visions, and company values.
Session 2-2
Discuss insights from the Drunk Elephant and The Ordinary analyses. Conduct a SWOT Analysis for two companies per student.
Session 3-1
Review SWOT Analyses. Based on the learnings so far, write strategy recommendations for OVANG, including website design, brand dos and don’ts, content strategies, and online and offline market entry strategies.
Session 3-2
Review market strategies and learn how to write presentations. Find the top 10 contact points for US online retailers, such as Ulta Beauty, Sephora, Olive & Young, Walmart, etc. Also, find other wholesalers who might be interested in K-Beauty products. Determine the best way to reach them – via LinkedIn, email, etc. Write a proposal.
Session 4-1
Evaluate the research on offline retailers. Extend research to include US offline retailers and wholesalers.
Session 4-2
Consolidate learning and plan OVANG's market entry strategy. Submit strategic write-up for OVANG’s go-to-market approach.
Schedule
Jul
10
2024
Wed
Aug
1
2024
Thu
22 days