This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:24 p.m. on Jun. 11, 2026.
As the sale of Charmzone Co, Korea's first-generation functional cosmetics brand, is being pursued, multiple bidders are understood to be showing interest in an acquisition. The preliminary bid is scheduled for the 30th.
According to the investment banking (IB) industry and according to legal sources on the 11th, Charmzone Co selected Samil Accounting Corporation as the sale manager and, with approval from the Seoul Bankruptcy Court, is proceeding with a pre-approval merger and acquisition (M&A) process.
It is reported that three to four parties, including strategic investors (SI), are reviewing an acquisition. The industry also raises the possibility that additional bidders may emerge. Some bidders are understood to have already submitted letters of intent (LOI) to the court on the 2nd, and due diligence began on the 9th.
The court plans to issue a sale notice on the 19th and accept preliminary bids through the 30th of this month.
Previously, to reflect the M&A outcome in the rehabilitation plan, the court extended the submission deadline for the rehabilitation plan from Jun. 5 to Jul. 3. To facilitate a smooth sale, on the 5th it also replaced the court-appointed administrator from Charmzone Co CEO Nam Gwan-nyeong to a person surnamed Choi.
Charmzone Co is a functional cosmetics brand founded in 1984 by Chairman Kim Gwang-seok, a former pharmacist. With its tree frog mascot and popular products such as "Control Cream," it ranked third in domestic cosmetics sales in the 1990s. It also entered overseas markets including Japan and China, earning a reputation as a first-generation K-beauty corporations. However, in the 2015 Incheon Airport duty-free shop tender, it submitted an overreaching bid exceeding 200 billion won and suffered the pain of the award being canceled due to nonpayment of the deposit.
After recording losses for five consecutive years through 2024, Charmzone Co applied for corporate rehabilitation on Nov. 21 last year. Despite undergoing rehabilitation proceedings, operations are being maintained. The administrator has been applying for approval to pay lease management fees and employee salaries, and has also submitted applications for interim settlement of employee severance, purchase of goods, and new hiring.
Given brand recognition, the industry believes Charmzone Co could be an attractive asset for SIs targeting the K-beauty market. An IB industry official said, "Several bidders have already emerged, so I understand the mood for the sale is positive."