Japanese cosmetics maker Kose Corp. agreed to acquire a majority stake in Thai luxury wellness brand Pañpuri, expanding its footprint in Southeast Asian markets as growth slows at home.
The Tokyo-based company will purchase 79.89% of Bangkok-based Pañpuri through its subsidiary and a special purpose vehicle, according to a statement Tuesday. The deal is scheduled to close December 30. Financial terms weren’t disclosed.
Pañpuri, founded in 2003, operates luxury spas and sells high-end beauty products in Thailand’s upscale shopping malls and hotels. The brand recently expanded to Hong Kong and exports to Japan, China and Europe. Its revenue nearly doubled to THB 580 million ($16.4 million) in 2023 from the previous year.
The acquisition marks Kose’s strategic shift toward partnerships rather than organic growth as it targets expansion in emerging markets. The company aims to leverage Pañpuri’s clean beauty approach, which excludes over 2,300 ingredients through its “Zerolist” standard.
The deal reflects growing Japanese interest in Southeast Asian beauty brands as companies seek new growth drivers. The remaining shares are expected to be acquired over the next 3-5 years.
