K-beauty brand Tonymoly enters the dermocosmetics space acquiring a 47.6% stake of Tai Guk Pharma, Korea’s largest external preparations maker.
WHO: The name Tonymoly means “putting style into packaging. The Korean business was launched in 2006 with the support of Tae Sung Industry and is now considered one of the leaders in the K-beauty phenomenon.
Founded in 1957, Tai Guk is Korea’s largest maker of external preparations; their 300 products include ointments, creams, and gels, drugs, quasi-drugs, and health food.
WHY: Tonymoly acquired Tai Guk to enter the dermocosmetic business by producing functional cosmetics combining its manufacturing technology with Tae Guk’s medicinal capabilities to supply its products to pharmacies through Tae Guk.
- Tonymoly acquires a 47.6% stake of Tai Guk Pharma for $12.4 million, making it the company’s largest shareholder.
- According to Korea Biomedical Review, current management will remain in place.