Goodai Global to Buy Skinfood for $108 million, Enters K-beauty Market

Goodai Global Inc. has been named the preferred bidder for a 150 billion won ($108 million) deal to buy traditional Korean beauty brand Skinfood, as the company accelerates its expansion through acquisitions.

The deal, backed by private equity firm The Hahm Partners, adds Skinfood, known for its natural skincare and makeup, to Goodai’s growing portfolio, which also includes Beauty of Joseon, TIRTIR and Laka. The company has spent more than 1 trillion won to acquire four cosmetics companies in the past year and is in talks to buy Round Lab’s parent company, Seorin Company, for 600 billion won. Goodai is seeking 800 billion won in pre-IPO funding as it looks to more than double its sales and profits by 2024.

Goodai is building a L'Oréal-like empire by acquiring well-known Korean beauty brands to meet the growing global demand for Korean beauty products driven by the Hallyu Wave.