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 Korean Food Ministry.
That kind of growth has spawned interest from L’Oreal to Archimed in 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.
