Shinsegae Eyes First Cosmetics ODM Deal with C&C International Acquisition

THE WHAT? South Korea’s retail powerhouse Shinsegae Group is moving to acquire a controlling stake in C&C International, a Kosdaq-listed original design manufacturer (ODM) of color cosmetics, in collaboration with private equity firm Ascent Equity Partners. The proposed deal, valued at KRW 285 billion (US$208 million), would give Shinsegae a strategic foothold in the global beauty manufacturing sector.

THE DETAILS Ascent Equity Partners has established a special-purpose vehicle to execute the deal, which includes purchasing a 20% stake from C&C founder and CEO Bae Eun-chul and related parties for KRW 140 billion, alongside subscribing to 3.61 million new shares worth KRW 145 billion, priced at KRW 40,100 each under a one-year lock-up. The transaction is expected to close by August 29, with C&C’s current management team remaining in place. Founded in 1997, C&C International is a prominent color cosmetics ODM player, supplying over 100 global clients, including Amorepacific, CLIO Cosmetics, and L’Oréal affiliate Stylenanda.

THE WHY?  For Shinsegae, this marks a strategic expansion beyond retail into the production side of beauty, offering exposure to the booming ODM segment that powers many top brands’ product pipelines. As beauty conglomerates increasingly seek vertical integration and closer ties to manufacturers, Shinsegae’s partnership with Ascent positions it to tap into global demand for agile, innovation-driven color cosmetics production. The deal underscores a wider industry trend where retailers and investors are turning to ODMs to secure supply chains, enhance product development capabilities, and capture more value across the beauty ecosystem.

Source: kedglobal

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