South Korea’s Shinsegae International Inc. announced its acquisition of Amuse Corp., a K-beauty brand, for 71.3 billion won ($52.6 million) as part of its strategy to diversify its cosmetics offerings and enhance its global market presence. This move marks Shinsegae’s latest effort to expand beyond luxury products and attract a younger demographic, particularly Generation Z.
Amuse Corp., founded in 2018 and majority-owned by Snow Corp., Naver Corp. subsidiary, has rapidly gained popularity with products like the Jel-fit Tint, Bebe Tint, Ceramic Skin Perfector Cushion, and the Dew Jelly Vegan Cushion. The brand is renowned for its Dew Tint, which has topped Amazon’s hot new release category for lip stains. Amuse’s products are especially popular in North America, Japan, and Southeast Asia.
The acquisition aligns with Shinsegae’s goal to increase its market share in North America and Japan, two of the world’s largest cosmetics markets. The company targets Gen Z consumers, who have shown strong affinity for K-beauty brands like Amuse.
Shinsegae International aims to grow Amuse’s sales to 200 billion won ($147 million) by 2028. The company plans to leverage Amuse’s appeal to younger audiences while continuing to strengthen its position in the global luxury skincare market through Swiss Perfection, which it acquired in 2020. This dual strategy allows Shinsegae to cater to both high-end and budget-conscious consumers in the competitive beauty industry.
