Shinsegae International will fully acquire beauty brand Amuse for US$51.6 million to diversify its cosmetic business portfolio.
Shinsegae International plans to operate Amuse through an independent management structure, while actively deploying investments, targeting a revenue of $150 million by 2028.
Currently, Naver subsidiary Snow owns a 77.6 per cent stake in Amuse, while other shareholders hold the remaining 22.4 per cent.
Founded in 2018, Amuse’s popular products include Jel-Fit Tint and Dew Jelly Vegan Cushion.
The brand now has 320,000 followers on Instagram and over 100,000 followers on TikTok and has a presence in North America, Japan, and Southeast Asia.
Last year, Amuse launched a popup event in Tokyo, marking its entry into the offline market.
“We are pursuing various growth strategies in the beauty sector, and the acquisition of Amuse is expected to provide significant momentum to expand our global business,” said William Kim, Shinsegae International CEO.
