This article was published on June 26, 2025, at 3:56 p.m. on the ChosunBiz MoneyMove site.
Goodai Global, the operator of the cosmetics brand known as 'Chosun Beauty,' has entered the final stage of a large-scale fundraising effort in the form of a pre-IPO just over a month after its launch. This resulted from major domestic private equity fund (PEF) operators and venture capitalists (VC) noticing the growth in K-beauty and stepping forward to invest.
On the 26th, according to the investment banking (IB) industry, Goodai Global has decided to issue convertible bonds (CB) worth 800 billion won and has begun final negotiations with major domestic PEF operators and VCs. The scaling of each institution's investment is still pending, and the investment is expected to be made in the third quarter.
Goodai Global earlier set a plan to raise up to 800 billion won in funds in mid-last month and started contacting institutional investors such as domestic PEF operators. The fundraising is aimed at acquiring K-beauty brands, including the well-known 'Dokdo Toner' from Seorin Company and 'Skin Food.'
The details of financial investors (FI) have solidified. Premier Partners and Kiwoom Private Equity (Kiwoom PE) have been named major FIs. These two firms began reviewing investments as early as mid-May when Goodai Global started contacting institutional investors for fundraising.
In addition, Company K and IMM PE are entering as investors. Notably, Company K, which was previously named as the FI for the acquisition of Seorin Company by Goodai Global, has shifted direction with its participation in this pre-IPO. JKL Partners is also reviewing investment. However, it is reported that the final outcome remains uncertain.
An official from the IB industry noted, "Almost 10 institutions expressed their intention to invest, and it is expected that between 5 to 7 institutions will qualify as FIs for Goodai Global," adding, "Some institutions proposed amounts that are 2 to 3 times the minimum investment amount of 100 billion won, resulting in a complete oversubscription."
There are evaluations stating that investor interest in K-beauty has been proven. This is due to the rapid gathering of funds despite a demand for a valuation of 4 trillion won for the large-scale fundraising of 800 billion won. Since the beginning of serious contact with investors in May, the final negotiations took less than a month.
The fact that cosmetics are considered one of the fastest-growing industries in Korea has been a positive sign. In particular, as Goodai Global’s K-beauty brands, including Chosun Beauty, continue to enter major online and offline distribution networks abroad, Korea’s cosmetics exports exceeded $10 billion last year.
Goodai Global's announcement of brand expansion utilizing the raised investment funds has also sparked investor interest. Having entered the cosmetics brand operation with the acquisition of Chosun Beauty in 2019, Goodai Global has successively acquired brands such as Tirtir and Lakacosemetics, surpassing a combined revenue of 1 trillion won last year.
Goodai Global plans to utilize the 800 billion won raised from the CB issuance for additional brand acquisitions. Target brands for acquisition have been confirmed, including 'Round Lab' (operated by Seorin Company) and 'Skin Food.' The estimated acquisition amounts are reportedly 600 billion won and 150 billion won, respectively.
An IB industry official said, "There were concerns that the expectations of K-beauty brand operators were too high, leading to a decline in market interest, but interest surged again with APR's soaring stock prices and d'Alba Global's listing success," adding, "Goodai Global has also benefited from good fortune."