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k-pop and k-dramas around Asia but also “due to the rise of the k-beauty phenomenon which is transforming the beauty industry,” added Tyrimou, noting that one of the key beneficiaries from this wave is AmorePacific (KSE: 90430), one of the leading cosmetics companies in South Korea. Its chairman and controlling shareholder Suh Kyung-Bae, who inherited the company from his father and turned it into one of the world’s most innovative companies, becoming one of the country’s wealthiest people with a current net worth of more than $9 billion according to Forbes, further fueled by the global popularity of all things Korean. The Korean beauty industry has been growing rapidly as international demand for the country’s domestic brands continues to increase. This is especially the case in mainland China, the largest and fastest growing beauty market in the world according to Euromonitor. Since 2011, according to the Korea International Trade Association, the average revenue of Korean cosmetics exports to China has grown annually at a CAGR of more than 50 percent and, by country of origin, today Korea is the second-largest exporter of cosmetics to China after France. As of May 2016, Carver has exceeded its total sales of 150 billion won (approximately US$130 million) recorded for 2015, representing a year-on-year growth of more than 200 percent, the company said. “Korea is a very attractive market with many innovative and globally competitive companies,” said Jonathan Zhu, a managing director at Bain Capital Private Equity. “We have been building Korean expertise into our Asia team and looking for investment opportunities. Carver Korea has an attractive portfolio of brands and significant opportunities for growth both domestically and internationally.” “Korea is home to one of the most sophisticated cosmetics markets in the world and the global demand for the country’s beauty products is reaching new heights,” said Jeff Hyun Seok Kim, a managing director at Goldman Sachs. “Our investment in Carver’s innovative and talented founder and management team exemplifies Goldman Sachs’ aim to partner with Korean corporate leaders who are able to develop and offer world-class products.” Bain Capital is expected to help accelerate Carver’s global ambitions, enabling it to access increasing demand in markets including the United States, China and Southeast Asia. Bain Capital Private Equity has extensive global experience in consumer industries, across multiple sub-sectors including retail, dining, leisure, as well as personal care products through its investment in Sundial Brands. Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Its team of more than 400 investment professionals creates value for its portfolio companies through a global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Goldman Sachs is one of the largest and most experienced foreign investors in Korea with investments exceeding US$2.5 billion since 1999. Goldman Sachs Group Inc. is a global financial services company that offers a broad range of financial services in various areas such as investment banking, securities and investment management to corporates, financial institutions, governments and individuals. Founded in 1869 and based in New York, the firm maintains branch offices in London, Frankfurt, Tokyo, Hong Kong and other key financial centers around the globe.]]>