Shinsegae Department Store Denies Plans to Acquire Hugel as 'Baseless'

[Asia Economy Reporter Lim Chun-han] Shinsegae Department Store has denied reports that it is in negotiations to acquire Hugel, a domestic botulinum toxin company.

On the 17th, a Shinsegae Department Store official stated, “After confirming with internal company personnel, it was said that the information is not true.”

The previous day, a media outlet cited sources from the investment banking (IB) industry, reporting that Shinsegae Department Store is in exclusive talks with global private equity firm Bain Capital for the acquisition of Hugel’s management rights. The acquisition target is Bain Capital’s 44% stake. The acquisition amount was reported to be 2 trillion won.

Hugel is the leading domestic botox company, jointly founded in 2001 by three doctors, including a plastic surgery director and a biology PhD. After successfully developing botulinum toxin in 2010, becoming the sixth in the world to do so, the company has experienced rapid growth. In 2015, through an initial public offering (IPO), two of the co-founders sold their shares, and the remaining founder sold their stake to Bain Capital in 2017.