Snow Sells Stake in Subsidiary 'Amuse' to Shinsegae International

Snow announced on the 2nd through a public notice that it will sell its entire stake in Amuse, a vegan beauty specialized subsidiary, to Shinsegae International.

Amuse is a vegan wellness beauty brand launched in 2017 by Snow through its namesake subsidiary. As the influence of K-beauty expands in the global market, it is recognized as a young and popular brand leading trends not only in Korea but also across North America, Japan, and Southeast Asia.

Amuse image [Photo by Snow]

It has established various sales channels including its online direct mall, H&B stores such as Olive Young, and offline flagship stores. It has maintained high growth with a five-year average annual growth rate of 176%. Last year, its annual sales reached 36.8 billion KRW, and sales for the first half of this year recorded 25.4 billion KRW.

Snow decided to sell its stake to enable greater growth for Amuse. Based on a startup organizational culture, it is expected that the solid distribution channels both domestically and internationally held by Shinsegae International, along with its know-how in successfully managing various beauty brands, will be integrated into Amuse, allowing it to grow into a brand representing the global MZ generation users.

Shinsegae International will use the acquisition of Amuse to target overseas markets. It aims to rapidly increase market share in North America and Japan, the world’s first and third largest cosmetics markets, and accelerate its global beauty business. At the same time, it will secure the existing Amuse fandom as customers, laying the foundation for expanding its overseas business.

Lee Seung-min, CEO of Amuse, said, "We will maximize Amuse’s unique capabilities and create synergy with Shinsegae International to establish ourselves as a leading global K-beauty brand that drives major trends."

Kim Chang-wook, CEO of Snow, stated, "Amuse has operated independently under Snow, quickly discovering and applying rapidly changing trends to grow as a leading representative of K-beauty. As a company builder, Snow is confident that Shinsegae International’s distribution network and expertise in growing beauty brands will be a great asset to Amuse’s growth."