Naver‘s subsidiary SNOW announced the sale of its entire stake in vegan beauty subsidiary AMUSE to Shinsegae International.

SNOW sold its 77.59% stake in AMUSE for KRW 53.3 billion (USD 42.1 million). Shinsegae International acquired 100% of the shares, including those held by Mirae Asset Capital, DV Ventures, and CJ Olive Young, for KRW 71.3 billion (USD 56.3 million).

AMUSE, launched in 2017 by SNOW, is a vegan wellness beauty brand. With the growing global influence of K-beauty, it is recognized as a trendy and popular brand, leading trends in South Korea as well as in North America, Japan, and Southeast Asia.

AMUSE has established various sales channels, including its online store, H&B stores like Olive Young, and offline flagship stores. It has shown rapid growth, with a five-year average annual growth rate of 176%. Last year, it recorded annual sales of KRW 36.8 billion (USD 29.1 million), and sales for the first half of this year reached KRW 25.4 billion (USD 20.1 million).

SNOW decided to sell its stake to support AMUSE’s further growth. With AMUSE’s rapid growth based on a startup culture, combined with Shinsegae International’s strong domestic and international distribution channels and successful beauty brand management expertise, AMUSE is expected to become a leading brand for Gen Z users in the US, Japan, and Southeast Asia.

Shinsegae International aims to aggressively target overseas markets through the acquisition of AMUSE. By rapidly increasing market share in North America and Japan, the world’s first and third-largest cosmetics markets, and accelerating its global beauty business, it will also secure AMUSE’s existing fan base as customers, laying the groundwork for overseas expansion.

Lee Seung-min, CEO of AMUSE, stated, “We will maximize AMUSE’s unique capabilities and create synergy with Shinsegae International to establish ourselves as a leading global K-beauty brand.”

Chang-wook Kim, CEO of SNOW, commented, “SNOW believes that Shinsegae International’s distribution network and beauty brand growth know-how will significantly contribute to AMUSE’s growth.”