Blackstone invests into K-hair giant JUNO on the back of ‘explosive global demand’
US-headquartered Blackstone is investing into South Korean hair giant JUNO, as global consumer demand for K-beauty and wellness continues to burgeon.
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.
Notably, this highlights an increasing pool of private equity firms looking to capitalise on the persistent growth of K-beauty.
‘Good skin’ increasingly seen as marker of health, self-care and wellness
There is an increasing shift in the perception of beauty in Asia, where good skin is no longer just about visual appearances, but also a marker of an individual’s health and level of self-care.
“For centuries, Asian populations have invested in wellness and it’s now showing up in [its connection to] our skin... Especially in Asia, we are seeing this shift in beauty from vanity to functional and ritualistic. Skin is no longer aesthetic, it’s diagnostic.
“In fact, in South Korea and Japan, people who have good skin are respected more as it seems as if they are on top of their game. I’m not saying you have to be free of acne because no one is perfect, but just having healthy skin is seen as a huge marker of health, self-care, and wellness,” Sanjana Balani, founder of India-based Potion Hybrid Skincare, told CosmeticsDesign-Asia.
Major trends in scent profiles, consumer behaviour and innovation drivers in Asia
Ever since the pandemic, there is said to be a revival in the fragrance sector, driven by the heightened awareness of wellness and the younger generation’s use of scent not just as part of their beauty routine, but also for self-exploration and character-showing.
This has led to several major trends, particularly in the Asia-Pacific (APAC) region. One of these is the demand for long-lasting, high-concentration formats.
Find out more in this feature.
How fragrance brands can tap into niche products, resonant marketing, packaging innovation
From eco-friendly formulations to ingredient sourcing that benefits the local supply chain and packaging innovation, sustainability continues to be a key topic in the fragrance sector.
In particular, Meiyume has been investing in sustainable packaging materials for fine fragrances.
Being eco-friendly while maintaining an aesthetic appearance and weight that give a premium fragrance experience is a challenge that the company has been working on to address.
Surging interest in integrative wellness opens opportunities for hybrid beauty concepts
Consumers are increasingly seeking integrative experiences that offer both tangible results and emotional relief, opening up opportunities for hybrid beauty concepts.
According to Andrew Ng, director of TTE Elephant, there is a growing cultural shift across Asia, where beauty is no longer seen as skin-deep.
This has led to a surge in interest for holistic wellness experiences that regulate sleep, reduce anxiety and rebalance energy, while also improving scalp health and hair quality.
