![]() It brought in $40.8 million in revenue last year, and is aiming for sales of more than $100 million by 2024, according to regulatory filings. The firm now has offices in cities around the world, including New York, Paris, Tokyo and Shanghai, and caters to more than 450 brands, said Chang. is part of the software-as-a-service industry. “We just joined jewelry, fashion,” she said. Courtesy of Perfect CorpĬhang said the company would use the proceeds from its SPAC merger to expand in Southeast Asia, fund research and development, and double down on new capabilities of its technology, such as letting users try on accessories beyond jewelry. founder and CEO Alice Chang said she spoke to CNN Business while wearing the company's "digital makeup" on a conference call. Cyberlink continues to be one of the firm’s investors, along with global brands such as Chanel, Goldman Sachs in 2015 as part of a unit at Cyberlink, a tech company in Taiwan, which later spun it off as a separate business. She said that she was wearing her own “digital makeup” and virtual earrings on the video call.Ĭhang started Perfect Corp. The company chose to list in the United States because much of its clientele is based there, founder and CEO Alice Chang said in an interview with CNN Business. said it raised approximately $119 million in the deal. ![]() Since Russia’s invasion of Ukraine this year, some foreign investors have expressed concerns over the risk that China could increase its military force against Taiwan. Taiwan is a self-governed democratic island that the Communist leadership in Beijing has long claimed as part of its territory, despite having never ruled over it. “Tech stocks across the board have been weak and any geopolitical added risks will be a concern in this market,” he told CNN Business. because “in a risk-off market, an augmented reality play with Taiwanese roots is a glass-half-empty name.” They usually go public solely to raise money from investors that is then used to buy existing businesses.ĭaniel Ives, managing director and senior equity analyst of Wedbush Securities, said investors could be cautious about Perfect Corp. SPACs are shell companies with limited or no operating assets. The broader S&P 500 index has lost approximately 14% in the last five days, according to data provider Refinitiv Eikon. Shares of the newly combined business began trading last Monday under the ticker symbol “PERF,” and have since slid about 46% from the opening price of $15.80. The firm’s valuation rose to approximately $1 billion after merging with Provident Acquisition Corp., a special purpose acquisition company (SPAC), days before its listing. It uses augmented reality and artificial intelligence to help users test products online before they buy them. lends its technology to beauty and fashion brands. Shares of Perfect Corp., a software company that allows users to virtually try on makeup or jewelry from brands such as Estée Lauder, LVMH and Shiseido, have fallen more than 40% from their listing price since they began trading on the New York Stock Exchange a week ago. Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago.
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