South Korean K-beauty major グダイグローバル is targeting an IPO in early 2027 and is expected to have a listing valuation of approximately KRW 10 trillion, while its complex capital structure remains a challenge. The company’s preparations are being reported, including the background to its ownership of major brands.
South Korean K-beauty major グダイグローバル is preparing for an IPO targeted for early 2027. Market participants estimate that its valuation could reach KRW 10 trillion, while the company is expanding its scale by bringing brands including Beauty of Joseon, SKIN1004 and TIRTIR under its umbrella.
Several challenges remain before the listing, including its complex capital structure, investment recoveries by financial investors and the listing of its subsidiary クレーバー in Japan. Consolidated revenue for 2025 was approximately KRW 1.4717 trillion and operating profit was approximately KRW 273.4 billion. Including results from before the acquisitions, revenue is said to rise to approximately KRW 1.75 trillion and operating profit to approximately KRW 400 billion.
At the core of the capital structure is an investment chain running from グダイグローバル to TMビューティー and then to クレーバーコーポレーション. TMビューティー holds only 53.51%, while the remaining 46.49% is held by multiple FIs. Adjustments are under way, including the listings of クレーバー and TMビューティー in Japan.
Depending on the timing of the IPO, the company may be affected by the application of shareholder protection procedures associated with dual listings. Risks such as convertible bonds and long-term derivative liabilities have also been cited as financial burdens. The acquisition strategy has meanwhile been reviewed, including a reconsideration of the full acquisition of Torriden, while open innovation and preparations for the management structure are also being advanced.