Korean beauty brand Amuse sold to Shinsegae International for $80.6m
Shinsegae International, a fashion arm of Korean retail giant Shinsegae, has announced the acquisition of K-beauty brand Amuse from Naver subsidiary SNOW. The deal aims to diversify Shinsegae's cosmetics portfolio and boost its global market presence.
Transaction snapshot
Deal value: $80.6 million
Deal multiples: ~1.4x revenue (based on 2024 revenue run-rate)
Deal type: 100% acquisition
Investors: Shinsegae International (buyer)
Shinsegae International will acquire all shares of Amuse, including SNOW's 77.59% stake for $60.2 million and the remaining 22.41% from other shareholders. The acquisition is set to bolster Shinsegae's position in the cosmetics industry, particularly in the North American and Japanese markets.
Amuse, launched by SNOW in 2017, has gained popularity among Gen Z and millennial consumers in the United States, Japan, and Southeast Asia. The brand reported revenue of $41.6 million in 2023 and $28.7 million in the first half of 2024.
Shinsegae International plans to leverage its established distribution channels and experience in managing beauty brands to drive Amuse's global expansion. The company will grant Amuse management autonomy to maintain its brand identity while focusing on growth through diversified retail channels.
The acquisition allows Shinsegae to tap into a younger demographic, complementing its existing portfolio of luxury and premium cosmetics brands such as Diptyque, Byredo, and Santa Maria Novella.
Amuse has built a strong social media presence, with over 300,000 followers on Instagram. The brand is known for its partnership with K-pop girl group IVE's Jang Won-young as its brand ambassador and its prominent placement in Olive Young cosmetics stores.
Shinsegae International aims to solidify Amuse's position as a K-beauty leader by expanding into Southeast Asian, Middle Eastern, and European markets.
