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Published December 18, 2019
Published December 18, 2019

Amorepacific makes a minority investment in Milk Makeup and forms a strategic partnership that will help forge a path for Milk Makeup as they enter the South Korean marketplace.

WHO: Founded in 2015 by Mazdack Rassi, Dianna Ruth, Georgie Greville, and Zanna Roberts Rassi, Milk Makeup quickly became a cult favorite among beauty enthusiasts for its innovative formulas and clean ingredients. The brand delivers cruelty-free, paraben-free, 100% vegan formulas developed in-house at Milk Studios in Downtown NYC. Currently, Milk offers over 80 products through exclusive retailers, including in Sephora in the US, Canada, Spain, Germany, Denmark, and Sweden, and Cult Beauty in the UK.

Since 1945, Amorepacific has had a single, clear mission: to present its unique perception of beauty—namely what it calls “Asian Beauty”—to the world. As Korea’s leading beauty company, Amorepacific draws from its deep understanding of both nature and humans to pursue harmony between inner and outer beauty. With its portfolio of over 20 cosmetics, personal care, and health care brands, Amorepacific is devoted to meeting the various lifestyles and needs of global consumers around the world: Asia, North America, Europe, Oceania, and the Middle East. Amorepacific’s research hubs located around the world are dedicated to sustainable R&D that combines the best of natural Asian ingredients and advanced biotechnology.

WHY: Amorepacific and Milk are referring to the deal as a partnership. Milk is expected to benefit from Amorepacific’s regional expertise, and Amorepacific hopes to learn the Milk strategies as a fast-growing indie brand.

IN THEIR OWN WORDS: “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, CEO and co-founder of Milk Makeup. “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 US.”

“Milk Makeup is sought after by beauty enthusiasts for its innovative formulas and clean ingredients. Through this partnership, Amorepacific will provide full support for its entrance into the Korean market and others in the future,” said Bae Dong-hyun, President of Amorepacific Group.

“We were impressed by Amorepacific’s track record of internally starting and growing beauty brands,” noted Scott Sassa, chairman of Milk Makeup. “This shared belief in building brands designed to last for decades was central to establishing this relationship.”


  • Terms of the deal were not disclosed.
  • Amorepacific joins Main Post Partners and Alliance Consumer Growth as a minority investor in Milk Makeup. Main Post invested in 2017, and ACG invested earlier in 2019.
  • According to WWD industry sources estimated the brand will do $60 million in net sales for 2019.
  • Scott Sassa, chairman of Milk Makeup, led the multiyear process to put this deal together, according to the companies.
  • Ohana & Co. advised Amorepacific on the investment.

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