Korean beauty firms race toward IPOs on global boom
Foreign travelers shop for cosmetics at an Olive Young store at Incheon International Airport, Dec. 16. Yonhap
A growing number of domestic cosmetics manufacturers and distributors are gearing up for initial public offerings (IPOs) this year as the global popularity of Korean beauty products continues to fuel business expansion, according to investment banking industry officials, Sunday.
Goodai Global, which operates several K-beauty brands including Beauty of Joseon, is set to wrap up bidding on Wednesday to select its IPO underwriters. The company launched IPO preparations last month by distributing requests for proposals to securities firms at home and abroad. It plans to finalize a shortlist on Jan. 21, followed by competitive presentations on Jan. 26 and 27 to form its underwriting lineup.
Founded in 2015, Goodai Global has positioned itself as “Korea’s L’Oreal,” expanding its scale by acquiring local indie brands that had already gained traction in overseas markets.
Its key brands include Beauty of Joseon, which gained global recognition through its sunscreen products, as well as Tirtir and Skinfood, both of which found early success in Japan.
“Brands under Goodai Global’s wing have been building awareness primarily through online platforms, a momentum that is now driving their expansion into offline channels abroad,” Cho So-jung, an analyst at Kiwoom Securities, said. “Goodai Global is expected to evolve into a global beauty company with solid stability and strong growth potential in the years ahead.”
On the back of its aggressive business expansion, the company attracted substantial investment last August through the issuance of convertible bonds totaling around 800 billion won ($548 million). The deal reportedly included a clause requiring the company to complete an IPO by 2028, leading market watchers to project that the firm could go public as early as next year.
Meanwhile, Benow, a cosmetics manufacturer, appointed Samsung Securities as its IPO underwriter in September 2024 and is planning a stock market debut later this year.
The company operates multiple beauty brands, including Numbuzin and Fwee, and has stepped up its overseas expansion by establishing subsidiaries in Japan in 2023 and the United States in 2024.
Korean beauty distributors, including Grace and Asia BNC, are also moving ahead with plans to go public.
APR, which went public in February 2024 on the country’s main bourse, the KOSPI, is highlighted within the beauty sector as a benchmark case of a successful stock market listing.
Supported by rapid growth in overseas sales, the company overtook Amorepacific last year to claim the top spot among Korean beauty firms by market capitalization. As of the closing price last Friday, APR’s market value stood at about 8.6 trillion won, surpassing Amorepacific’s approximately 7 trillion won.
K-beauty IPO activity remained brisk in 2025. Dalba Global debuted on the KOSPI in May, while Aromatica entered the Kosdaq market in November.
