Earlier this week Amorepacific Group announced it had purchased a minority stake in Milk Makeup. The global beauty conglomerate joins Main Post Partners and Alliance Consumer Growth as minority shareholders, forming a strategic partnership that will help Milk Makeup as it eyes expansion into the South Korean marketplace. CEW’s Indie65 Report estimates the company’s sales to be between $20 million and $50 million.
“The South Korean beauty market is highly competitive and incredibly innovative, so we are thrilled to have Amorepacific’s help to ensure our success in this important beauty space,” said Mazdack Rassi, who cofounded Milk Makeup in 2015 alongside Dianna Ruth, Georgie Greville, and Zanna Roberts Rassi. “This strategic partnership will allow us to benefit from Amorepacific’s significant expertise and resources. And in true partnership, Milk Makeup will share the strategies that have made it one of the fasting growing color brands in the U.S.”
Scott Sassa, Chairman of Milk Makeup, led the multi-year process to put the deal together. “We were impressed by Amorepacific’s track record of internally starting and growing beauty brands,” noted Scott. “This shared belief in building brands designed to last for decades was central to establishing this relationship.”
Best known for its minimalist packaging and cruelty-free, 100% vegan formulas, the company offers over 80 products through retailers, including Sephora in the U.S., Canada, Spain, Germany, Denmark, and Sweden, and Cult Beauty in the U.K. Milk Makeup also sells direct to consumer via its ecommerce site.