CLSA Capital Partners Invests in Jung Saem Mool Beauty Through Preferred Shares
A $34.5m fund backs the brand's overseas expansion; the audit report shows an RCPS issue of $23.4m.
- Deal value
- $23m
- Stake
- —
- Implied 100%
- —
- Revenue
- $77m
- Op. income
- $8m
- Multiples
- —
유증
Not calculable: stake and per-share issue price are undisclosed
2024 별도 · DART-verified
2024 별도 · DART-verified
DART 20250408001812
- Target
- Jung Saem Mool Beauty · Color cosmetics brand
- Buyer
- CLSA Capital Partners · FI
- Seller
- Company (new shares)
- Structure
- Primary issuance
- Announced
- Dec 31, 2025
- Closed
- —
- Stage
- Closed
Target
Jung Saem Mool Beauty is a color-cosmetics-focused K-beauty brand founded in 2015 by makeup artist Jung Saem-mool, with cushion, lip and eye makeup as core products sold through about 1,300 stores worldwide. It posted revenue of about KRW 110 billion and operating profit of KRW 12.1 billion in 2024.
Deal rationale
A growth investment via new redeemable convertible preferred shares (KRW 34 billion per DART), not a control deal; per Ajunews it funds overseas store openings and a North American subsidiary for expansion into the US, Japan and Southeast Asia. Dealsite reported a KRW 300 billion valuation, with proceeds for US marketing and stores for a new skincare brand. CLSA Capital Partners Korea raised a KRW 50 billion project fund anchored by Korea Eximbank.
| Revenue | $77m |
| Operating income | $8m |
| EBITDA | — |
| Net income | — |
2024 별도 · DART-verified · 20250408001812
Lead
A $34.5m fund managed by CLSA Capital Partners bought redeemable convertible preferred shares (RCPS) in Jung Saem Mool Beauty. It is a growth investment funding the founder-led brand’s overseas expansion, not a control acquisition. According to the company’s audit report, its board approved a $23.4m third-party RCPS subscription agreement with the fund on 30 December 2025.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is an example of global capital entering a K-beauty brand through preferred shares rather than a buyout. The Export-Import Bank of Korea committed $8.6m to the fund as anchor LP.
Deal terms
| Item | Figure |
|---|---|
| Instrument | RCPS (new shares) |
| Issue amount (audit report) | $23.4m |
| Fund size | $34.5m |
| Stake | Not disclosed |
| 2024 results (separate) | revenue $76.5m, operating income $8.3m |
Financials from the DART 2024 audit report. The 2025 audit report (revenue $48.5m, operating income $5.2m) reflects a reverse merger with the former parent in July 2025 and is not directly comparable with 2024.