Shinsegae International said Friday that it will acquire 100 percent of the shares in Amuse for 71.3 billion won ($51.9 million). Currently, Amuse's largest shareholder is Snow, a subsidiary of Korea’s largest internet company Naver, holding a 77.6 percent stake.
Founded in 2018, Amuse offers a range of products including the Jel-Fit Tint, as well as the Bebe Tint and Ceramic Skin Perfector Cushion. Its products are currently sold in various regions overseas including North America, Japan, and Southeast Asia.
"We will increase our U.S. revenue by 200 percent by the end of 2025," Park Ga-hye, an Amuse business team manager, told Aju Press.
"In Japan, there are many customers who purchase our products because they like the Amuse brand itself, as the makeup styles are somewhat similar to those preferred by Koreans," she said. "However, in the U.S., it seems that most purchases are still driven by Jang Won-young's influence as a model."
"If we can leverage Shinsegae International's network and their experience in operating various imported brands, we should be able to establish a stronger presence as a brand in the U.S. as well," Park said, adding that it's difficult to disclose the current revenue in the U.S.
In the first half of this year, Amuse's total revenue amounted to 25.4 billion won. Over the past five years, its annual growth rate has averaged 176 percent.
Shinsegae International plans to increase Amuse's sales to 200 billion won by 2028. For globalization, it established a new US subsidiary, Shinsegae International America, in 2023.
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