Samhwa, a South Korean company that has quietly become one of the most influential players in the global cosmetics packaging industry, has entered a new chapter in its journey. The company announced that global investment firm KKR has fully acquired it in a deal valued at KRW733 billion, or approximately $528 million. The deal marks a significant milestone not only for Samhwa, but also for the broader Korean beauty ecosystem, which continues to gain international prominence.
Founded in 1977 as a mold development and manufacturing business, Samhwa has spent nearly five decades evolving into a powerhouse in high-end cosmetics packaging. Today, it serves more than 300 cosmetic brands, including some of the most recognizable names in both Korean and global luxury markets. Its reputation is built on precision, innovation, and a deep understanding of what beauty brands need to stand out—especially in a world where packaging is as much a part of the product experience as the formula inside.
Samhwa’s rise has mirrored the global ascent of Korean beauty, also known as “K-beauty,” which has become a cultural and commercial phenomenon. Korea now ranks among the top three cosmetics exporters in the world, alongside France and the United States. As demand for Korean beauty products continues to surge, so too does the need for sophisticated packaging solutions that reflect the quality and creativity of the products themselves. Samhwa has positioned itself at the center of this movement, specializing in advanced technologies such as air-tight cushion packaging and airless pump systems that preserve product integrity and enhance the user experience.
The company’s success is not just about engineering—it’s also about design and service. Samhwa operates a dedicated R&D center that collaborates closely with clients to develop customized packaging solutions tailored to their brand identity and functional requirements. Its vertically integrated system allows it to manage every aspect of the process, from product development and manufacturing to assembly, inspection, and delivery. This end-to-end capability has made Samhwa a trusted partner for brands looking to innovate quickly and scale globally.
TPG, which invested in Samhwa in 2023, played a key role in transforming the company from a family-owned business into a modern enterprise focused on premium segments. Under TPG’s guidance, Samhwa sharpened its strategic focus and expanded its reach, laying the groundwork for the next phase of growth. With KKR now stepping in as the new owner, the company is poised to accelerate its expansion and deepen its relationships with luxury brands around the world.
KKR’s investment in Samhwa is being made primarily through its Asian Fund IV and K-Series, continuing the firm’s long-standing commitment to the Korean market. Over the years, KKR has backed a diverse range of Korean businesses, including fashion retailer MUSINSA, energy provider SK E&S, recycling firm Ecorbit, and defense and technology company HD Hyundai Marine Solution.
KEY QUOTES:
“We are thrilled to welcome KKR as our new investor as we embark on our next chapter of growth and innovation. We believe we are well-positioned to achieve our ambition to be the partner of choice for major luxury brands globally and as we continue to focus on delivering superior packaging solutions for the cosmetics industry. We would like to thank TPG for their partnership and support, and look forward to working with KKR, whose global network, operational knowledge, and strategic guidance will be invaluable as we continue to focus on innovation and quality that our customers and partners have come to expect.”
Jun-bae Kim, CEO of Samhwa
“Samhwa is a prime example of a differentiated packaging supplier at the heart of the K-Beauty ecosystem. KKR’s investment underscores its focused and selective approach of supporting leading Korean businesses in their growth strategy, including global expansion. We look forward to working with Samhwa’s management team and employees, leveraging KKR’s global network, operational expertise, and investment experience to help Samhwa achieve its next phase of growth.”
Hi Joo Hong, Director, Private Equity, KKR
“We are proud to have been part of Samhwa’s journey, building a strong platform that will enable sustained growth while creating value through driving new product innovation, as well as improving efficiencies in production, shipment and delivery planning. It has been a pleasure driving this phase of transformation for Samhwa. We would like to thank Jun-bae and the entire team at Samhwa for their dedication and commitment and wish them continued success in the years to come.”
Scott (ShinWon) Yoon, Business Unit Partner, TPG Capital Asia
