LVMH’s private equity arm has announced that it took a minority stake in South Korea’s CLIO Cosmetics, yet another indication that Korea is home to an influential market that is making waves on an international scale. L Capital Asia, the unit of LVMH, and CLIO confirmed on Friday that L Capital Asia bought a minority stake in the Korean cosmetics firm, without providing any specific figures. 

“A person with direct knowledge of the matter” told Reuters that “L Capital invested $50 million for about a 7 percent stake, saying CLIO plans to seek approval to launch an initial public offering as early as next week.”

As noted by Reuters, “Foreign investors having been piling into the Korean cosmetics business in recent years, emboldened by the country’s success in exporting a ‘Korean Wave’ culture built around music, fashion and beauty products. In 2015, South Korea become the second-largest cosmetics exporter to China after France, shipping $1.1 billion in goods, according to Seoul’s Ministry of Food and Drug Safety.”

UPDATE (July 25, 2016): South Korea’s CLIO Cosmetics applied for preliminary exchange approval for an initial public offering Korea Exchange said on Monday.