Blackstone Acquires Stake in South Korea’s JUNO Hair
Blackstone, world’s largest alternative investment firm with $1.2 trillion assets under management (AUM), has said that private equity funds affiliated with Blackstone, have agreed to make a significant investment in JUNO, South Korea’s largest and most prominent premium hair care brand.
This transaction is in partnership with JUNO’s Founder, Yun-Seon Kang, who will remain in her role as CEO and partner together with Blackstone to drive the Company’s continued growth and global expansion.
Both companies did not disclose the financial terms of the deal but media reports suggested that the transaction values the business at up to $590 million, which is considered a lofty price tag for a hairdressing chain.
Founded in 1982, JUNO has become the leading hair care franchise in South Korea with more than 180 branches nationwide, a growing footprint in Asia across Singapore, Vietnam, and the Philippines, and new master franchise partners in Japan and Thailand.
The company has evolved into an integrated beauty and wellness platform, recognised as a pioneer in Korean hair artistry and promoting multi-step, prevention-focused hair wellness treatments, a pillar of the K-beauty philosophy.
JUNO was an early innovator in introducing advanced treatments and signature wellness services, which are the latest K-beauty trends driving consumer demand worldwide. The Company’s JUNO Academy is a globally recognized institute that has trained and cultivated thousands of K-beauty stylists worldwide.
JUNO’s Founder and CEO Yun-Seon Kang said that this partnership with Blackstone marks an important milestone event in JUNO’s journey and reaffirms the confidence they have in the company, the 3,000+ JUNO Family members comprising of designers and care technicians, and the future of the brand.
“We are very excited to partner with Blackstone, who shares our vision of delivering exceptional Korean beauty and wellness services to a global audience. Blackstone brings unique scale and a global platform, which will help drive our expansion and solidify our leadership in K-beauty,” Kang said.
Partnering With Visionary Entrepreneurs
Eugene Cook, Head of Korea for Blackstone Private Equity, said that it was an honour and privilege to partner with CEO Kang, the entire JUNO leadership team, and extensive community of talented hair care specialists in the JUNO system.
“This partnership reinforces Blackstone’s commitment to partnering with visionary entrepreneurs and supporting family-owned businesses to accelerate their growth using Blackstone’s global scale, operational expertise, and expert networks. JUNO represents Blackstone’s fourth Private Equity investment in South Korea, where we have invested behind industry leading companies together with visionary entrepreneurs, and committed to working towards their long-term success,” Cook said.
Sonny Park, Principal, Blackstone Private Equity, said: “We are seeing explosive global demand for Korean beauty services, and we are thrilled to be at the forefront of this trend through Blackstone’s partnership with JUNO.”
“Consumer beauty and wellness services is an important investment theme for Blackstone’s Asia Private Equity business, and we seek to help companies thrive and better serve their customers, both domestically and internationally, through best-in-class resources and expertise. We look forward to welcoming JUNO into Blackstone’s global ecosystem,” Park concluded.
