Yesterday, according to report, South Korea’s retail giant Shinsegae Group is making its first major move into the beauty manufacturing space through the acquisition of a controlling stake in C&C International, a Kosdaq-listed original design manufacturer (ODM) specializing in color cosmetics. The KRW 285 billion (US$208 million) deal, executed in partnership with private equity firm Ascent Equity Partners, signals Shinsegae’s intent to diversify beyond retail and secure a foothold in the fast-growing global beauty production sector.
Ascent Equity Partners has created a special-purpose vehicle to facilitate the transaction, which includes acquiring a 20% stake from C&C International’s founder and CEO Bae Eun-chul and affiliated parties for KRW 140 billion. Additionally, the firm will subscribe to 3.61 million new shares at KRW 40,100 per share, totaling KRW 145 billion, under a one-year lock-up agreement. The deal is expected to close by August 29, with C&C’s current leadership remaining in place to ensure operational continuity.
Founded in 1997, C&C International has grown into a key ODM player in the color cosmetics space, supplying over 100 global clients including major names like Amorepacific, CLIO Cosmetics, and Stylenanda, a L’Oréal affiliate. The acquisition offers Shinsegae a strategic entry into the ODM segment, which plays a vital role in driving product pipelines for top beauty brands worldwide.
The proposed acquisition is led by Shinsegae Inc. affiliate E-Mart Inc., overseen by Group Chairman Chung Yong-jin.The aim is to leverage C&C’s manufacturing capabilities across Shinsegae’s retail and distribution channels, including department stores, duty-free outlets and e-commerce platforms.
Separately, Shinsegae International Co. operates a cosmetics business.“This is the first time a major domestic conglomerate has pursued a cosmetics ODM acquisition as part of a broader strategic initiative,” said an industry official. “Shinsegae has long been exploring opportunities in the ODM space and sees this as the right fit.”
A Shinsegae Group official said the conglomerate is internally discussing an investment in the fund, but “nothing concrete has been determined.”
