Recently, South Korea’s Shinsegae International Inc. announced that it will acquire 100% of Amuse Corp., a cosmetics brand, for 71.3 billion won ($52.6 million). This strategic move aims to diversify Shinsegae’s cosmetics portfolio beyond luxury products and strengthen its global presence.
Amuse, founded in 2018, has built a strong following among Generation Z. Its largest shareholder, Snow Corp., operates a photo-editing app under Naver Corp. and holds a 77.6% stake in the cosmetics brand. Amuse has made a name for itself in the K-beauty industry with popular products like the Jel-fit Tint, also known as the Jang Won-young tint, Bebe Tint, Ceramic Skin Perfector Cushion, Dew Jelly Vegan Cushion, and Dew Tint. Jang Won-young, a K-pop singer from the girl group IVE, is a significant influencer associated with the brand.
Over the past five years, Amuse has achieved an average annual sales growth rate of 176%, with last year’s sales reaching 36.8 billion won ($27.1 million). The brand is particularly popular in North America, Japan, and Southeast Asia, with its Dew Tint product ranking first in Amazon’s hot new release lip stains category.
With this acquisition, Shinsegae International aims to increase its market share in North America and Japan, the world’s first and third-largest cosmetics markets, respectively, by appealing to Gen Z customers. A Shinsegae International official stated, “We aim to grow Amuse’s sales to 200 billion won ($147 million) by 2028.”
This acquisition follows Shinsegae’s purchase of Swiss luxury skincare company Swiss Perfection in 2020. Shinsegae plans to expand its presence in the global luxury skincare market with Swiss Perfection while targeting the young and budget beauty market with Amuse.
