The following transformation of Korea’s Ok-Magnificence scene is unfolding not by way of chaebols however venture-built shopper giants. Goodai World, an organization solid by way of aggressive acquisitions and model scaling, is pushing towards a 2026 IPO with an estimated valuation of KRW 10 trillion. Its rise, alongside APR’s dominance, indicators a structural shift the place startups are difficult Korea’s legacy magnificence conglomerates on profitability, globalization, and innovation pace.
Goodai World Finalizes Underwriters for IPO
Goodai World, the cosmetics group behind Fantastic thing about Joseon, TIRTIR, and Skinfood, has chosen Mirae Asset Securities as lead underwriter for its deliberate preliminary public providing (IPO), alongside NH Funding & Securities, Citi, and Morgan Stanley.
The corporate carried out shows with eleven shortlisted home and worldwide funding banks in late January, finalizing its underwriter lineup after a extremely aggressive course of. Mirae Asset, which beforehand led Dalba World’s IPO, brings a robust report in managing choices with excessive monetary investor participation.
Goodai World’s income surpassed KRW 1 trillion in 2024 and is reportedly estimated to have reached KRW 1.7 trillion in 2025, positioning it among the many fastest-growing shopper teams in Korea. By way of serial acquisitions, the corporate has consolidated about eleven manufacturers throughout numerous segments — from skincare to way of life — constructing what analysts name “Korea’s L’Oréal mannequin.”
From Model Aggregator to Built-in World Operator
Based in 2015, Goodai World started as a magnificence producer and distributor. Over the previous 5 years, it has accelerated its growth by way of M&A, buying notable names similar to Fantastic thing about Joseon (2019), TIRTIR (2024), Seorin Firm (Spherical Lab), Craver Company (SKIN1004), and Skinfood (2025).
In early 2026, the corporate moved to vertically combine its world operations by buying U.S.-based distributor Hansung USA for KRW 100 billion. The acquisition secures direct management of native retail networks and logistics in North America, a key progress area for Ok-beauty exports. Hansung USA distributes Ok-beauty merchandise to main U.S. retailers, together with Costco and Goal.
Business analysts view this acquisition as a pure step towards operational effectivity and valuation enhancement earlier than itemizing. The transfer permits Goodai World to mix model possession and distribution, strengthening its enterprise mannequin forward of the IPO and making certain better margin management in abroad markets.
Managed Growth and IPO Roadmap of Goodai World
A Goodai World spokesperson said that the underwriter choice marks “a procedural step towards the corporate’s long-term progress technique” and confirmed that itemizing preparations will progress “in phases, in shut cooperation with the underwriting consortium.”
The corporate has distributed RFPs to fifteen home and overseas funding banks and plans to finish its IPO course of by 2028, relying on market circumstances. Monetary buyers concerned in Goodai World reportedly worth the corporate at over KRW 10 trillion, inserting it amongst Korea’s next-generation potential decacorns.
The Rise of Enterprise-Constructed Magnificence Conglomerates
Goodai World’s emergence symbolizes a turning level in Korea’s shopper and enterprise panorama. For many years, magnificence market energy rested with Amorepacific, LG Family & Well being Care, and Aekyung Industrial — conglomerates that dominated distribution, manufacturing, and world recognition.
That dominance is now breaking. APR, which achieved a KRW 9 trillion market capitalization by way of robust profitability and abroad progress, has already redefined expectations. Goodai World’s IPO now cements the transition from chaebol-driven constructions to venture-backed, acquisition-driven innovators.
Not like conventional teams that constructed manufacturers organically, Goodai World’s energy lies in portfolio agility and worldwide focus. Practically all of its manufacturers generate nearly all of their income from abroad markets, leveraging digital channels, influencer advertising, and region-specific localization methods. Its acquisition of Hansung USA additionally underscores a broader “Ok-beauty worth chain” imaginative and prescient — one which integrates model possession, logistics, and retail beneath a single platform.
Business observers examine this to the shift in Korea’s startup ecosystem, the place enterprise capital is more and more backing shopper sector rollups and model operators fairly than pure tech ventures. With world non-public fairness curiosity in shopper belongings rising, Goodai World’s IPO may function a benchmark for the way venture-built shopper firms scale into multinational conglomerates.
Governance and Structural Reforms Earlier than Itemizing
Whereas growth has been swift, the corporate is now addressing inside complexity. Goodai World’s layered possession construction — involving consortium-based acquisitions and cross-holdings — is present process simplification.
The agency lately appointed lawyer Choi Gi-rok, a 30-year compliance veteran from the Korea Honest Commerce Fee and Kim & Chang, as Head of Authorized Affairs, tasked with enhancing transparency and governance. Concurrently, the corporate is unifying its model workplaces and integrating group-level technique, planning, and information operations to streamline decision-making and strengthen investor confidence.
Analysts view these efforts as vital to investor belief. As one business observer put it,
“Now that Goodai World has achieved scale, inside governance and accountability will outline how buyers understand its readiness for public markets.”
Why World Buyers Are Watching
Goodai World’s IPO ambitions arrive at a pivotal time for Korea’s shopper innovation financial system. Enterprise capital curiosity is shifting towards scalable world manufacturers that mix manufacturing depth with storytelling and cross-border execution.
If profitable, the itemizing will validate a brand new progress playbook for Korean startups — one the place model operators evolve into world holding constructions that may rival legacy conglomerates. The shift additionally indicators that venture-built enterprises can lead nationwide exports in sectors as soon as dominated by family-owned giants.
Key Takeaways on Goodai World IPO Preparation 2026
- Goodai World, valued close to KRW 10 trillion, chosen Mirae Asset Securities, NH Funding, Citi, and Morgan Stanley as IPO underwriters.
- The corporate owns round 11 magnificence manufacturers, together with Fantastic thing about Joseon, TIRTIR, Spherical Lab, SKIN1004, and Skinfood.
- Current acquisition of Hansung USA strengthens its North American distribution community and helps vertical integration.
- IPO anticipated between 2026–2028, with market observers calling it Korea’s subsequent “venture-built decacorn.”
- Marks a shift in Ok-beauty management from conglomerates (Amorepacific, LG H&H, Aekyung) to venture-driven gamers (APR, Goodai World).
- Ongoing governance and compliance reforms goal to reinforce transparency and put together for public itemizing.
- Represents a new period in Korea’s startup ecosystem, the place consumer-sector ventures evolve into global-scale conglomerates by way of M&A and ecosystem integration.
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