Shinsegae moves to acquire K-beauty brand Amuse for US$52.6M
(Image credit: Amuse).05 Aug 2024 --- South Korean retail giant Shinsegae International has announced its move to acquire Amuse Corp, a K-beauty brand, for a sum of US$52.6 million.
The move aims to diversify Shinsegae’s cosmetics portfolio beyond luxury products and strengthen its global market position.
Amuse, known for its Gen Z following and hit products like the “Jang Won-young tint,” has experienced rapid growth in recent years.
The brand has a particularly strong appeal in North America, Japan and Southeast Asia. Notably, its Dew Tint ranked first in Amazon’s lip stain category among hot new releases.
With this acquisition, Shinsegae International seeks to tap into the lucrative North American and Japanese cosmetics markets by targeting younger consumers.
The company has ambitious plans for Amuse, aiming to boost its sales to KRW 200 billion (US$147 million) by 2028.
This strategic move follows Shinsegae International’s previous acquisition of the Swiss luxury skin care brand Swiss Perfection in 2020. The company now positions itself to cater to both the high-end and budget-conscious beauty markets.
South Korea’s government has been doubling down on its efforts to promote its country’s position among leading markets in the cosmetics and beauty industry.
Korean Ministries recently revealed a comprehensive plan to grow the international competitiveness of local beauty brands, including a fund to help with scaling businesses and moves to harmonize domestic manufacturing standards with global norms.
