Back in 2015, before Lazada and Shopee dominated the online market, this was my go-to store and mentioned it in my many shopping guides. BeautyMNL was once a leading online beauty and wellness marketplace in the Philippines, known for providing an extensive range of local and international products. They made a lot of local beauty brands popular. It attracted the attention of major investors, including Robinsons Retail Holdings, which acquired a 30% stake in its operator, Taste Central Curators, Inc. (TCCI) in 2019. However, despite this strong backing, the company has been on a downward spiral since late 2022, leading to its current struggles. So what happened to BeautyMNL?
Unpaid Merchants and Customer Frustrations
The first signs of trouble emerged in mid-2022 when BeautyMNL began delaying payments to its merchants. Sellers reported months of waiting for payment for their consigned products, sparking frustration among the vendor community. By April 2023, these merchants formed the “BeautyMNL Unpaid Merchants” Facebook group, which became a platform for airing grievances and seeking collective action.
Although some payments were made as of August 2023, many merchants are still waiting for their dues. According to reports, some payments date back to 2021, with vendors waiting for hundreds of thousands of pesos. Merchants who visited BeautyMNL’s warehouse around 2023 noticed a significant reduction in activity, a stark contrast to the bustling business environment in its prime.
The Fall of a Beauty Giant
Multiple factors have contributed to BeautyMNL’s decline, including increasing competition in the e-commerce space and financial struggles. The company’s website currently shows a placeholder message, and there has been a notable absence of social media activity since August 2023. Speculation suggests that BeautyMNL might be undergoing restructuring or rebranding, though no official statement has confirmed this.
BeautyMNL’s parent company, TCCI, which still holds P235.4 million in investments from the Gokongwei family, is also under scrutiny for questionable financial management. These unresolved issues have left customers, merchants, and the wider business community wondering about the platform’s future.
The Current State and Future Prospects
Though BeautyMNL has started compensating some merchants, the company’s future remains uncertain. With the remaining unpaid dues, the diminished warehouse operations, and unclear communication, it is possible that BeautyMNL may either be preparing for a rebranding or possibly a complete shutdown. Until an official announcement is made, both merchants and customers are left in limbo.
In summary, BeautyMNL’s fall from grace has been marked by financial troubles and increasing dissatisfaction among its partners. While it once held a leading position in the beauty e-commerce sector, its future remains uncertain, leaving the beauty community hoping for a resolution.