On July 27, according to reports, private equity firm IMM and five other Korean private equity institutions plan to invest 800 billion won ($578 million) in Korean beauty startup Goodai Global (hereinafter “Goodai”). The funds will be used by Goodai to acquire two Korean domestic beauty brands, with a total transaction value of 750 billion won ($541 million).
Previously, IMM conducted due diligence on Goodai and will purchase 280 billion won ($202 million) worth of its convertible bonds, with the transaction expected to be completed by the end of August. JKL Partners and Premier Partners each plan to invest 120 billion won ($86.7 million) in Goodai through convertible bonds, while the remaining funds will be provided by Kiwoom Private Equity and venture capital firm Company K Partners.
Public information shows that Goodai was founded in 2016 and focuses on the marketing and distribution of Korean beauty products. Since 2019, the company has followed L’Oréal’s “acquisition-led expansion” strategy, aggressively acquiring high-quality domestic brands across skincare, makeup, and manufacturing. It has already acquired brands such as Beauty of Joseon, TIRTIR, House of Hur, and Laka Cosmetics, and holds a controlling stake in Korean beauty wholesale and marketing consultancy Craver Corporation.
Looking further, Goodai will acquire Seorin Company for approximately 600 billion won ($433 million). Seorin is the manufacturer behind the popular skincare brand Round Lab and its star product, the “Dokdo Toner.” Additionally, Goodai is preparing to acquire Korea’s first-generation beauty brand Skinfood for 1500 billion won ($1.08 billion).
Reportedly, this round of financing values Goodai at 4 trillion won ($2.9 billion), approximately nine times its expected EBITDA. Upon completion of the above acquisitions, Goodai’s EBITDA is expected to rise from 130 billion won ($93.9 million) last year to 450 billion won ($325 million) in 2025 — more than a twofold increase.
