The next transformation of Korea’s K-Beauty scene is unfolding not through chaebols but venture-built consumer giants. Goodai Global, a company forged through aggressive acquisitions and brand scaling, is pushing toward a 2026 IPO with an estimated valuation of KRW 10 trillion. Its rise, alongside APR’s dominance, signals a structural shift where startups are challenging Korea’s legacy beauty conglomerates on profitability, globalization, and innovation speed.

Goodai Global Finalizes Underwriters for IPO

Goodai Global, the cosmetics group behind Beauty of Joseon, TIRTIR, and Skinfood, has selected Mirae Asset Securities as lead underwriter for its planned initial public offering (IPO), alongside NH Investment & Securities, Citi, and Morgan Stanley.

The company conducted presentations with eleven shortlisted domestic and international investment banks in late January, finalizing its underwriter lineup after a highly competitive process. Mirae Asset, which previously led Dalba Global’s IPO, brings a strong record in managing offerings with high financial investor participation.

Goodai Global’s revenue surpassed KRW 1 trillion in 2024 and is reportedly estimated to have reached KRW 1.7 trillion in 2025, positioning it among the fastest-growing consumer groups in Korea. Through serial acquisitions, the company has consolidated about eleven brands across diverse segments — from skincare to lifestyle — building what analysts call “Korea’s L’Oréal model.”

From Brand Aggregator to Integrated Global Operator

Founded in 2015, Goodai Global began as a beauty manufacturer and distributor. Over the past five years, it has accelerated its expansion through M&A, acquiring notable names such as Beauty of Joseon (2019), TIRTIR (2024), Seorin Company (Round Lab), Craver Corporation (SKIN1004), and Skinfood (2025).

In early 2026, the company moved to vertically integrate its global operations by acquiring U.S.-based distributor Hansung USA for KRW 100 billion. The acquisition secures direct control of local retail networks and logistics in North America, a key growth region for K-beauty exports. Hansung USA distributes K-beauty products to major U.S. retailers, including Costco and Target.

Industry analysts view this acquisition as a natural step toward operational efficiency and valuation enhancement before listing. The move allows Goodai Global to combine brand ownership and distribution, strengthening its business model ahead of the IPO and ensuring greater margin control in overseas markets.

Controlled Expansion and IPO Roadmap of Goodai Global

A Goodai Global spokesperson stated that the underwriter selection marks “a procedural step toward the company’s long-term growth strategy” and confirmed that listing preparations will progress “in stages, in close cooperation with the underwriting consortium.”

The company has distributed RFPs to 15 domestic and foreign investment banks and plans to complete its IPO process by 2028, depending on market conditions. Financial investors involved in Goodai Global reportedly value the company at over KRW 10 trillion, placing it among Korea’s next-generation prospective decacorns.

The Rise of Venture-Built Beauty Conglomerates

Goodai Global’s emergence symbolizes a turning point in Korea’s consumer and venture landscape. For decades, beauty market power rested with Amorepacific, LG Household & Health Care, and Aekyung Industrial — conglomerates that dominated distribution, manufacturing, and global recognition.

That dominance is now breaking. APR, which achieved a KRW 9 trillion market capitalization through strong profitability and overseas growth, has already redefined expectations. Goodai Global’s IPO now cements the transition from chaebol-driven structures to venture-backed, acquisition-driven innovators.

Unlike traditional groups that built brands organically, Goodai Global’s strength lies in portfolio agility and international focus. Nearly all of its brands generate the majority of their revenue from overseas markets, leveraging digital channels, influencer marketing, and region-specific localization strategies. Its acquisition of Hansung USA also underscores a broader “K-beauty value chain” vision — one that integrates brand ownership, logistics, and retail under a single platform.

Industry observers compare this to the shift in Korea’s startup ecosystem, where venture capital is increasingly backing consumer sector rollups and brand operators rather than pure tech ventures. With global private equity interest in consumer assets rising, Goodai Global’s IPO could serve as a benchmark for how venture-built consumer companies scale into multinational conglomerates.

Governance and Structural Reforms Before Listing

While expansion has been swift, the company is now addressing internal complexity. Goodai Global’s layered ownership structure — involving consortium-based acquisitions and cross-holdings — is undergoing simplification.

The firm recently appointed attorney Choi Gi-rok, a 30-year compliance veteran from the Korea Fair Trade Commission and Kim & Chang, as Head of Legal Affairs, tasked with enhancing transparency and governance. Concurrently, the company is unifying its brand offices and integrating group-level strategy, planning, and data operations to streamline decision-making and strengthen investor confidence.

Analysts view these efforts as critical to investor trust. As one industry observer put it,

“Now that Goodai Global has achieved scale, internal governance and accountability will define how investors perceive its readiness for public markets.”

Why Global Investors Are Watching

Goodai Global’s IPO ambitions arrive at a pivotal time for Korea’s consumer innovation economy. Venture capital interest is shifting toward scalable global brands that blend manufacturing depth with storytelling and cross-border execution.

If successful, the listing will validate a new growth playbook for Korean startups — one where brand operators evolve into global holding structures that can rival legacy conglomerates. The shift also signals that venture-built enterprises can lead national exports in sectors once dominated by family-owned giants.

Key Takeaways on Goodai Global IPO Preparation 2026

• Goodai Global, valued near KRW 10 trillion, selected Mirae Asset Securities, NH Investment, Citi, and Morgan Stanley as IPO underwriters.
• The company owns around 11 beauty brands, including Beauty of Joseon, TIRTIR, Round Lab, SKIN1004, and Skinfood.
• Recent acquisition of Hansung USA strengthens its North American distribution network and supports vertical integration.
• IPO expected between 2026–2028, with market observers calling it Korea’s next “venture-built decacorn.”
• Marks a shift in K-beauty leadership from conglomerates (Amorepacific, LG H&H, Aekyung) to venture-driven players (APR, Goodai Global).
• Ongoing governance and compliance reforms aim to enhance transparency and prepare for public listing.
• Represents a new era in Korea’s startup ecosystem, where consumer-sector ventures evolve into global-scale conglomerates through M&A and ecosystem integration.

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