The Goldman Sachs-backed makeup manufacturer, wholesaler and retailer has appointed a lead bookrunner as well as underwriters in preparation to list on the Kospi bourse next year, sources told Pulse News.
Founded in 2003, GP Club branched out from distributing gaming consoles to selling beauty products in 2013 and now sells to wholesalers in markets like China. In 2018, strong demand from the mainland sent sales surging to 554.3 billion won ($478.2 million); the company in 2019 achieved unicorn status after Goldman Sachs invested 75 billion won ($64.9 million) in a deal that valued it at $1.32 billion.
Their 10-step routines, snail serums and sheet masks took the world by storm 10 years ago. Now, Korean beauty brands are facing a fiercely competitive market and need to think outside the box.