Thai beauty distributor Beyond Beauty Trade has scaled Banobagi skincare (a South Korean brand) from ~80–90M THB to 400–450M THB annual sales, largely driven by sheet masks (95% of revenue). The success—accelerated during COVID with 100% growth—earned them a 10% equity stake in Banobagi's parent company, elevating them from distributor to strategic shareholder. Thailand now serves as a model market for expanding into 26+ countries and positions them for regional capital markets entry (Singapore/South Korea), validating the B2C beauty-skincare market's growth potential in Southeast Asia.