Goodai Global is redefining the K-Beauty landscape through a series of strategic acquisitions. See how their recent moves are shaping a new empire!
Goodai Global, founded in 2015 by CEO Cheon Joo-hyeok, has rapidly emerged as a formidable force in the K-beauty industry. The company is assembling a diverse portfolio of brands through a series of strategic acquisitions. It is aiming to emulate the growth model of global beauty giants like L’Oréal.
Getting to Know Goodai Global
Established in 2015, Goodai Global started as a cosmetics distributor in South Korea. Recognizing the potential of owning and managing beauty brands, the company shifted its focus to brand acquisitions. This strategic pivot has allowed Goodai to gain greater control over product quality, marketing, and distribution.
Goodai Global Notable Brand Acquisitions
Its first acquisition of Beauty of Joseon in 2019 was majorly successful. The brand scaled its presence in the US via Amazon and offline stores with revenue growing rapidly from just 100 million won in 2020 to over 320 billion won in 2024.
Building on this success, Goodai Global is on a journey of extensive M&As. It is acquiring brands in different sectors – skincare, makeup, colors, and everything in between. All these brands already have a global distribution power. This basically means that Goodai Global is creating a platform for beauty enthusiasts using a ‘multi-brand strategy.’ It is expected in a market where consumers are very particular about their preferences and they just don’t find what they want on a single platform or distribution channel. Growing with just one brand is very difficult in such an environment.
Beauty of Joseon
In January 2019, Goodai Global acquired Beauty of Joseon, a skincare brand renowned for its products inspired by traditional Korean ingredients. The brand’s minimalist design and effective formulations have garnered a global following, particularly among younger consumers. Prior to the acquisition, Goodai had been promoting Beauty of Joseon since 2017 under an exclusive license agreement.
TIRTIR
In May 2024, Goodai expanded its portfolio by acquiring TIRTIR, a skincare brand catering to diverse skin tones and types. TIRTIR’s popular “Mask Fit Red Cushion” has achieved significant success in international markets, including topping Amazon’s beauty category. The acquisition was part of Goodai’s strategy to strengthen its presence in the global beauty market.
LAKA Cosmetics
In June 2024, Goodai acquired majority stake in LAKA Cosmetics, a brand known for its gender-neutral makeup products, for approximately $30.8 million. This acquisition aligns with Goodai’s commitment to inclusivity and broadening its customer base. LAKA’s unique positioning helps Goodai reach a broader audience seeking diverse beauty solutions.
Craver Corporation
Goodai also integrated Craver Corporation into its operations in 2024. Craver specializes in K-beauty wholesale and marketing advisory services. By incorporating Craver, Goodai enhanced its distribution capabilities and marketing strategies, facilitating the global expansion of its brands.
Seorin Company (brand Round Lab)
In May 2025, Goodai finalized the acquisition of Seorin Company, the parent company of Round Lab, for approximately 600 billion won. Round Lab’s flagship product, the “Dokdo Toner,” is celebrated for its gentle and effective skincare properties. Seorin’s strong presence in the skincare market, both domestically and internationally, made it a valuable addition to Goodai’s portfolio.
SKINFOOD
Additionally, Goodai has been named the preferred bidder to acquire Skinfood, one of South Korea’s first-generation independent cosmetics brands, for about 150 billion won (US$108 million). Skinfood is known for its skincare and makeup products made from natural ingredients such as fruits, vegetables, and botanical extracts. This acquisition is expected to further expand Goodai’s portfolio of indie Korean beauty brands.
Financial Performance
Goodai’s aggressive acquisition strategy has yielded impressive financial results. In 2024, the company reported an operating profit of 140.7 billion won, more than double the previous year, on sales of 323.7 billion won, which also more than doubled. To support its continued growth, Goodai is planning to raise approximately 800 billion won in a pre-IPO funding round. It will target both domestic and global private equity investors.
Last year, Goodai Global’s consolidated operating profit was 249.6 billion won, which puts it on par with major cosmetics companies Amorepacific Corporation (233.5 billion won) and LG H&H (247.6 billion won).
Global Expansion
Goodai Global is set to become the next L’Oréal from South Korea with all the recent and upcoming acquisitions. In the past year, the company has spent approximately 1 trillion won in acquisitions.
Initially focusing on markets in China and Southeast Asia, Goodai has successfully expanded into North America through online marketplaces and influencer partnerships. The global popularity of Korean pop culture, or Hallyu, has further fueled the demand for Goodai’s brands. Products like Beauty of Joseon’s “Relief Sun: Rice + Probiotics” sunscreen have become bestsellers on platforms like Amazon.
Strategic Vision
Goodai aims to replicate the success of global beauty leaders by building a diversified portfolio of brands through strategic acquisitions. The company focuses on acquiring brands that offer unique value propositions and have strong growth potential. It is acquiring brands with portfolios in skincare, makeup, color cosmetics, and other functional products. In addition to diversifying its portfolio, Goodai Global is also leveraging the marketing, distribution, and global demand of these brands to become a leader in the global cosmetics industry. While it is nurturing these brands, the company is also improving its negotiation power and becoming more attractive to investors.
The Strategy Behind Agressive M&As
Essentially, this approach introduces an ‘aggregator’ model, wherein multiple small, independent brands are acquired and managed under a unified corporate platform. It is the same model L’Oreal follows for its expansion and market dominance.
In the K-beauty industry, Goodai Global is one of the first ones to use this type of aggressive approach to M&As. Usually, Korean startups in the cosmetics industry achieve success while the products are trending, but they quickly fade away as soon as a new trend pops up. They don’t succeed in the global expansion and end up shutting down. Goodai Global is trying to break free from relying solely on one brand. They’re working towards diversifying their risks and building a solid foundation for growth by combining their brands.
How’s It Different From Other K-beauty Giants
Goodai Global is different from other local cosmetics giants like Amorepacific Corp., Aekyung Industrial, and LG H&H. The local giant brands have multiple brands under their umbrella and most of them are in-house. On the other hand, Goodai Global is acquiring independent brands and bringing them together on one platform while nurturing the brands and mainting thier identity.
There are also concerns about Goodai Global rapid acquisitions. There are questions about whether they can keep up with all these new brands they’ve bought. One industry insider said, “Goodai Global’s strategy is like an experiment that goes beyond just focusing on one brand in K-beauty.” They’re not sure if they can keep investing in these new brands and making a big splash in the global market.
Conclusion
Goodai Global’s rapid ascent in the K-beauty industry is a testament to its strategic vision and execution. Through targeted acquisitions and a focus on brand development, the company is not only reshaping the Korean beauty landscape but also making significant inroads into international markets. As Goodai continues to expand its portfolio and global presence, it stands poised to become a dominant force in the global beauty sector.
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