Blackstone to invest in South Korean hair care business Juno
The investment underscores the broader appeal of K-beauty to private equity firms, as they seek to capitalise on the growth of South Korea’s beauty culture
[HONG KONG] Blackstone agreed to make a significant investment in the South Korean premium hair care business Juno.
The US alternative asset manager will partner with Juno founder Yun-Seon Kang to help boost growth and global expansion, according to a statement on Tuesday (Sep 2). She will continue in her role as chief executive officer.
While the statement did not disclose financial terms of the deal, sources familiar with the matter said that Blackstone is buying a majority stake in Juno in a deal valuing the company at about 800 billion won (S$739 million).
A representative for Blackstone declined to comment on the terms, while Juno was not immediately available to comment.
Juno was founded in 1982 and has more than 180 hair care branches in South Korea as well as a presence in Singapore, Vietnam and the Philippines. It also has partners in Japan and Thailand.
The investment underscores the broader appeal of K-beauty to private equity firms, as they seek to capitalise on the growth of South Korea’s beauty culture, which has fuelled global sales of skincare and cosmetic products.
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“Blackstone brings unique scale and a global platform, which will help drive our expansion and solidify our leadership in K-beauty,” Kang said.
Juno represents Blackstone’s fourth private equity investment in South Korea, where it has partnered with other entrepreneurs and supported family-owned businesses to boost growth, said Eugene Cook, head of Korea at Blackstone private equity.
“We are seeing explosive global demand for Korean beauty services,” said Sonny Park, a principal at Blackstone private equity. Consumer beauty and wellness services are an important investment theme for Blackstone’s private equity business in Asia, he said. BLOOMBERG
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