As South Korean cosmetics gain popularity in the United States, the world¡¯s biggest market for beauty products, personal care startups in the East Asian country are seeing a surge in dealmaking demand.
Seoul, long a destination for beauty services, last year became the top exporter of cosmetics to America, overtaking France, according to the U.S. International Trade Commission. In the same period, South Korea¡¯s total cosmetics shipments hit a record $10.2 billion, up from $7.5 billion in 2020, according to the South Korean Food Ministry.
That kind of growth has spawned interest from L¡¯Oreal to Archimed in South Korean personal care assets, with the industry bagging a record 18 deals worth 2.3 trillion won ($1.6 billion) in 2024. Although it lags past years by value, the pace of activity alone has one advisory firm convinced that the momentum for mergers and acquisitions will continue.
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