U.S. private equity fund (PEF) operator Blackstone will acquire the domestic beauty salon franchise Juno Hair.
On the 2nd, Blackstone announced that it had signed a final agreement to make a large-scale investment in Juno Hair. It is a management rights acquisition structure; the specific amount was not disclosed, but industry estimates suggest the acquisition price is about 800 billion won.
This is the first time a PEF operator has acquired a beauty salon franchise, going beyond corporations in cosmetics and beauty devices, and it is reported that founder and CEO Yun-Seon Kang will continue to manage the company.
Juno Hair originated from 'Juno Hair Salon,' which opened in 1982 in Donam-dong, Seongbuk-gu, Seoul. The representative corporation 'Juno' has affiliates including Juno Beauty, Juno Depot, and Juno Academy.
Blackstone determined to invest based on its assessment that Juno Hair, with over 3,000 highly skilled hair designers across more than 180 locations nationwide, also has significant potential for expansion into overseas markets.
Sonny Park, Principal, Blackstone Private Equity, said, 'The global demand for Korean-style beauty services is exploding,' adding, 'Through Juno Hair, we have been able to stand at the forefront of this trend.'