Amorepacific to acquire 56.7% of COSRX for KRW 755.1bn
- Deal value
- $521m
- Stake
- 56.7%
- Implied 100%
- $918m
- Revenue
- $141m
- Op. income
- $35m
- Multiples
- EQV/EBIT 26.1xPSR 6.5x
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
On implied equity value
DART 20230324000204
- Target
- COSRX · Cosmetics (skincare brand)
- Buyer
- Amorepacific · SI
- Seller
- CEO Jun Sang-hoon and two others
- Structure
- —
- Announced
- Oct 31, 2023
- Closed
- —
- Stage
- Signed
Target
Founded in 2013, COSRX is a low-irritation skincare brand for sensitive skin, with the Snail and THE RX lines as its core. It sells in about 140 countries and overseas sales exceed 90% of revenue.
Deal rationale
Amorepacific said the deal exercised the call option on the remaining shares it secured when it acquired a 38.4% stake in September 2021. CEO Kim Seung-hwan said the company was pleased to welcome the fast-growing brand, citing its understanding of digital channels and differentiated products and marketing, and said it would build COSRX into a brand loved by global customers. According to reports, the current management agreed to run the company independently for two years.
| Revenue | $141m |
| Operating income | $35m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230324000204
Press coverage
- 인베스트조선 (2023-11-01): “지분 56.7%를 7551억원에 인수”
- 코스모닝 (2023-10-31): “아모레퍼시픽, 코스알엑스 지분 93.2% 확보”
- 이데일리 (2023-10-31): “아모레퍼시픽, 코스알엑스 자회사 편입…지분 추가 인수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.