SNOW Sells K-Beauty Brand AMUSE to Shinsegae International

Seoul, South Korea—South Korean tech company SNOW, a subsidiary of Naver (035420. KS), announced on Friday that it has sold its 77.59% stake in cosmetics subsidiary AMUSE to Shinsegae International (031430. KS) for KRW 53.3 billion ($39.24 million).

Shinsegae International will acquire all shares of AMUSE for KRW 71.3 billion ($52.5 million), including stakes from other shareholders such as Mirae Asset Capital, DV Ventures, and CJ Olive Young.

AMUSE, launched by SNOW in 2017, has established itself as a leading K-beauty brand among Gen Z and millennials in the United States, Japan, and Southeast Asia.

The company reported revenue of KRW 36.8 billion in 2023 and KRW 25.4 billion in the first half of 2024.SNOW stated the share sale was aimed at facilitating AMUSE's further growth.

The company expects Shinsegae International's established distribution channels and experience in successfully managing various beauty brands to propel AMUSE's expansion in global markets.

Shinsegae International plans to leverage the acquisition to accelerate its global beauty business, particularly in the North American and Japanese markets, which rank first and third globally in cosmetics sales.