New K-beauty order: Trinity shines from shelves to shares
The K-beauty spotlight, now brighter than ever, has shifted from its decades-old trinity of Amorepacific, LG Household & Health Care and Aekyung Industrial to a new trio: APR, d’Alba Global and Goodai Global.
These rising names are making waves with sharply different playbooks, from beauty devices to rapid-fire brand acquisitions, all led by male CEOs born in the 1980s.
Put in perspective, their individual wins signal a broader reshuffling of who sets the pace in K-beauty on overseas shelves as well as in the stock market.
Leading the new K-beauty order is APR, a beauty-tech firm that has turned its Medicube line into global bestselling devices since its 2014 founding.
At its center is founder Kim Byung-hoon, 36, whose flair for social media and product design, especially in beauty devices launched since 2021, has fueled its meteoric rise.
APR’s revenue climbed from about 100 billion won ($72 million) in 2018 to more than 700 billion won last year.
In the second quarter, overseas sales made up 78 percent of total revenue, with the US contributing 29 percent, overtaking Korea.
“This year, we aim to grow into a trillion-won company by maximizing top-line expansion,” a company official said.
If APR’s hallmark is devices, d’Alba Global’s is vegan ingredients.
Founded by 43-year-old Ban Seong-yeon, a former strategy consultant who once guided legacy beauty firms into the Chinese market, d’Alba built its name on its first spray serum -- a white truffle-infused mist popularly known as the "flight attendant mist."
Last year, dAlba’s consolidated revenue climbed 54 percent to 309.1 billion won, while operating profit surged 84 percent to 59.8 billion won.
In the second quarter, revenue reached 128.4 billion won and operating profit 29.2 billion won, up 74 percent and 66 percent on-year, respectively. By category, mists accounted for 42 percent of sales, sun care 27 percent and beauty devices and other items 31 percent.
D’Alba aims to top 500 billion won in revenue this year by boosting growth and profitability through global channels like Ulta Beauty, Sephora and Watsons.
Goodai Global has taken a different path entirely: acquisition. Founder Cheun Ju-hyuk, 37, began in wholesale before establishing the company in 2016 as a distributor.
By acquiring one of its distribution partners, Beauty of Joseon, in 2019, Goodai made its entry into beauty. From there, Cheun embarked on a rollup strategy that has drawn comparisons to L’Oreal’s playbook.
Today, Goodai owns Beauty of Joseon, iUNIK, House of Hur, Tirtir and Skin1004, while deals for Round Lab’s parent company, Seorin, and skin care brand Skinfood are now in the final stages.
Not every acquisition has been a success, however. Industry sources said in August that Goodai sold off Laka, just acquired in June 2024, for about 53 billion won.
The company’s reported revenue jumped 132 percent to 323.7 billion last year won, but when sales from its acquired brands are included, total revenue exceeded 1 trillion won.
The rise of these upstarts is felt not only in sales, but also on trading floors.
APR now stands as Korea’s largest beauty company, with a market capitalization of 8.5 trillion won as of Friday, leapfrogging Amorepacific at 7 trillion won and LG H&H at 4.6 trillion won.
D’Alba Global, newly listed in May, quickly swelled to a market value of more than 2.2 trillion won, with its share price climbing from an initial public offering price of 66,300 won to an all-time high of nearly 250,000 won.
That puts it roughly neck and neck with Cosmax, the nation’s leading contract manufacturer, at 2.4 trillion won.
Goodai Global has yet to list, though the buzz is deafening.
The company recently raised 800 billion won through convertible bonds, drawing private equity investors as it targets an IPO within three years.
Market estimates suggest a potential valuation of around 10 trillion won. Its modular brand portfolio adds to its appeal, though skeptics question whether this buyout approach can deliver consistent organic growth.
“Any M&A strategy must include measures to generate synergies,” an industry official said, adding that companies must balance expansion in scale with solid fundamentals.
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