The US-headquartered alternative asset management firm announced its definitive agreement with JUNO, one of South Korea’s most prominent premium hair services and hair care brand, on September 2.
Although the investment sum was not disclosed, Blackstone told CosmeticsDesign-Asia to take reference from a report on Bloomberg, which mentioned that the company is buying a majority stake in JUNO in a deal valuing the company at about KRW800bn (USD575m).
Following the partnership, JUNO’s founder Yun-Seon Kang will remain in her role as chief executive officer, with supporting the brand’s global expansion as a key focus.
“This marks an important milestone event in JUNO’s journey and reaffirms the confidence we have in the company, over 3,000 of our JUNO family members comprising designers and care technicians, and the future of the brand.
“We are very excited to partner with Blackstone, who shares our vision of delivering exceptional Korean beauty and wellness services to a global audience. Blackstone brings unique scale and a global platform, which will help drive our expansion and solidify our leadership in K-beauty,” said Kang.
Notably, this highlights an increasing pool of private equity firms looking to capitalise on the persistent growth of K-beauty.
Likewise, Blackstone sees Korean cosmetics and wellness as an emerging investment theme and expects demand to rise in this space.
“We are seeing explosive global demand for Korean beauty services, and we are thrilled to be at the forefront of this trend through Blackstone’s partnership with JUNO.
“Consumer beauty and wellness services is an important investment theme for Blackstone’s Asia Private Equity business, and we seek to help companies thrive and better serve their customers, both domestically and internationally, through best-in-class resources and expertise. We look forward to welcoming JUNO into Blackstone’s global ecosystem,” Sonny Park, Principal of Blackstone Private Equity, explained.
At the same time, the partnership is said to reinforce Blackstone’s dedication to working with entrepreneurs and supporting family-owned businesses to accelerate their growth.
“JUNO represents Blackstone’s fourth private equity investment in South Korea, where we have invested behind industry-leading companies together with visionary entrepreneurs, and are committed to working towards their long-term success,” said Eugene Cook, Head of Korea for Blackstone Private Equity.
Spreading Korean hair artistry
Since its founding in 1982, JUNO has grown into a leading hair salon chain in South Korea, with more than 180 branches across the country and an expanding footprint across Asia.
It is currently present in Singapore, Vietnam, and the Philippines, and has established new master franchise partnerships in Japan and Thailand.
As a pioneer in Korean hair artistry, JUNO was an early innovator in introducing advanced hair treatments and signature wellness services, which are K-beauty trends driving consumer demand worldwide.
Over the years, the company has evolved into an integrated beauty and wellness platform, centred on promoting multi-step, prevention-focused hair care.
Additionally, the JUNO Academy is a globally recognised institute that has trained and birthed thousands of stylists.
