South Korea’s Handsome diversifies into cosmeceuticals, acquiring a majority stake in Cleangen, as reported by Aju Business Daily.

WHO: Cleangen Cosmeceuticals is a collaboration between Dr. Lee Mi Kyung, founder of Clean Skin Clinic, the go-to for Seoul’s VIP set, and biotechnology company Genexine. Cleangen Cosmeceuticals combines Clean Skin Clinic’s clinical experience and skincare know-how with Genexine’s technology, creating cutting-edge functional skincare. The formulas are based on patented technology from Genexine called “super epidermal growth factor (EGF).”

The Handsome has been a leading fashion retailer in South Korea for the last 30 years, carrying high-end and contemporary brands. In 2012 the business was acquired by Hyundai Department Store.

WHY: The fashion business is looking to diversify its offering by securing new engines for growth.

DETAILS:

• Handsome signed a deal to acquire a 51% stake worth 10 billion won ($8.2 million) in Cleangen Cosmeceuticals.
• The fashion company plans to leverage the distribution channel run by its parent group, Hyundai Department Stores, one of South Korea’s three major department store chains.
• Handsome plans to expand its skincare range and expand into color cosmetics and fragrance.