Shinsegae acquires Korean beauty brand AMUSE for $51.6 million

Shinsegae International announced that it has acquired 100% of Amuse from major shareholder Naver and other shareholders for $51.6 million. The Korean beauty brand is known for Jang Won-young hair dye and has a strong fan base among the MZ generation around the world.

Shinsegae International plans to operate the business through an independent management structure while actively deploying investments, aiming to achieve a revenue target of $150 million by 2028.

To this end, Shinsegae International will focus on diversifying distribution channels, accelerating external growth, developing localized trend products suitable for each market, increasing marketing efforts, and establishing strategic partnerships with local companies.

In a statement, Shinsegae Group said the acquisition is part of its broader key strategy to diversify its cosmetics business portfolio, which previously focused on the luxury and high-end markets, by investing in brands targeting young audiences.