Amorepacific buys a stake in US cosmetic startup Milk Makeup
The American company, Milk Makeup, was founded in 2015 and its revenue is estimated to reach up to 60 million dollars (53.86 million euros) this year.
Amorepacific pulls out its checkbook. The South Korean giant of cosmetics has acquired a minority stake in the New York city City-based startup of Milk Makeup for a sum that has not yet been disclosed. Milk Makeup was founded in 2015 in the United Sates and specializes in providing natural cosmetics that are paraben-free, vegan, and cruelty-free. Since its foundation, Milk Makeup has realized 2 financing rounds and its revenue is estimated to reach up to 60 million dollars (53.86 million euros) this year.
Main Partners equally has a stake in the cosmetic and skincare company, which bought a stake in 2017, along with the growth equity firm, Alliance Consumer Growth, who invested in early 2019. Presently, Milk Makeup is distributed in specialized chains such as Sephora or Cut Beauty. With Amorepacific in its capital, the American brand will takeoff in South Korea via the group’s store network and independent stores.
Amorepacific finds itself amidst an international expansion process betting wholesale and online channels. Amorepacific ended 2018 with sales of 5.28 trillion of wons (4.5 billion dollars).
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