Amorepacific has increased its stake in Cosrx, meaning the hypoallergenic skin care brand is now an Amorepacific subsidiary.
The Korean beauty giant will acquire 288,000 remaining shares held by Cosrx’s largest shareholder and related parties for Korean won KRW755.1bn.
Amorepacific became a Cosrx minority shareholder in September 2021 with the acquisition of a 38.4% stake, with the option - at the time - to purchase the remaining shares, which the Laneige owner has now decided to exercise.
With this most recent transaction, Amorepacific is expected to own 93.2% of Cosrx shares.
Founded in 2013, Cosrx products are designed for sensitive skins with its hero ranges being the Advanced Snail and RX lines.
The Korean brand has shown an annual sales growth rate of more than 60% in the past three years, reporting sales of KRW204.4bn in 2022.
Cosrx products, meanwhile, are available in 140 countries, with overseas accounting for more than 90% of total sales.
Amorepacific said it plans to accelerate Cosrx’s global expansion through co-developed launches like the brand’s The Vitamin C 23 Serum and The Retinol 0.1 Cream, which were co-created following Amorepacific’s initial 2021 equity investment.
“We are thrilled that Cosrx, which has shown rapid growth through differentiated products and marketing based on an exceptional understanding of digital channels, has become a part of our group,” said Amorepacific CEO Seunghwan Kim.
“Moving forward, we aim to amplify Cosrx’s unique strengths while also integrating Amorepacific’s vision and business management expertise to develop it into a captivating brand that global customers will love.”
Cosrx will join a roster of Amorepacific K-beauty labels growing their global footprint via retail expansion and marketing drives.
Earlier this year, Amorepacific-owned skin care brand Laneige cemented its UK presence with a launch into retailer Space NK.
Amorepacific’s luxury brand Sulwhasoo, meanwhile, in May, became the sponsor of New York City's Metropolitan Museum of Art, as part of a year-long deal.