Shinsegae International acquires 100% stake in Global K-beauty Leader ‘AMUSE’

Shinsegae International acquires 100% stake in Global K-beauty Leader ‘AMUSE’

- New growth engine secured through the acquisition of AMUSE,
a K-beauty brand with global MZ fandom

Shinsegae International, on the 2nd of this month, announced that it will acquire a 100% stake in AMUSE, a renowned beauty brand famous for 'Jang Wonyoung tint,' for a total of $51.6 million. The largest shareholder of AMUSE, NAVER's subsidiary 'Snow,' currently holds 77.6% stake, while the remaining 22.4% stake are owned by other shareholders.

This acquisition is a key strategy for Shinsegae International to diversify its cosmetic business portfolio, which was been primarily focused on luxury and premium markets, by including brands that appeal to a younger audience. Additionally, it marks a significant step forward in advancing its global operations.

Founded in 2018, AMUSE is a lifestyle vegan & wellness beauty brand with a strong fan base among the global MZ generation. The brand is renowned for its distinctive brand identity, trendy design and innovative product development. Popular products like ‘JEL-FIT Tint’ and ‘Dew Jelly Vegan Cushion’ have established AMUSE as a leading beauty brand within just five years since its launch. AMUSE boasts a robust social media presence with about 320,000 followers on Instagram and over 100,000 followers on TikTok.

AMUSE has cultivated a diverse array of sales channels, including its own online store, H&B stores and offline flagship stores. AMUSE’s success is reflected in its impressive revenue growth trajectory, with a 5-year compound annual growth rate of 176%. It recorded $26.6 million annual revenue last year and $18.4 million revenue in the first half of this year.

The brand has achieved significant popularity in North America, Japan, and Southeast Asia. In Japan, where K-beauty has surged in popularity, AMUSE 's tints and cushions have received an explosive reaction from the MZ generation, ranking high on major Japanese commerce channels. The brand’s successful popup event in Shibuya, Tokyo last year, marked its successful entry into the offline market.

In order to foster the unique strengths and characteristics of AMUSE, Shinsegae International plans to operate the business through an independent management structure, whilst actively deploying investments, with the aim of achieving a revenue target of $150 million by 2028.

To this end, Shinsegae International will focus on diversifying its distribution channels and accelerating external growth. It will develop trend-leading products localized for each market, enhance marketing efforts, and actively forge strategic partnerships with local companies.

“We are pursuing various growth strategies in the beauty sector, and the acquisition of AMUSE is expected to provide a significant momentum to expand our global business.” – CEO of Shinsegae International, William Kim.

“Leveraging on synergies with Shinsegae International, we plan to maximize AMUSE’s unique capabilities to their fullest potential, and thereby position ourselves as a leading K-beauty brand shaping the trends in the global beauty landscape.” – CEO of AMUSE, Seung-Min Lee

*Exchange Rate: 1 USD = 1,381.78 KRW

About Shinsegae International

Shinsegae International (031430) manages a diverse portfolio of over 70 iconic fashion, beauty and lifestyle brands, distributed through a network of 1,100 stores nationwide, as well as S.I.Village (www.sivillage.com), a luxury digital commerce platform offering a curated selection of global and domestic brands. Within the beauty sector, Shinsegae International’s portfolio includes more than 30 brands across various product categories, such as fragrance (‘Diptyque’, ‘Santa Maria Novella’, ‘Loewe Perfume’), luxury skincare (‘Swiss Perfection’, ‘Poiret’, ‘Yunjac’), makeup (‘Laura Mercier’, ‘Hourglass’), and hair & body (‘Oribe’, ‘Davines’). For more information about Shinsegae International, please visit our official website www.sikorea.co.kr.