COMPANY PROFILE / PUBLIC INFORMATION
Goodai Global
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
Goodai Global builds and acquires Korean beauty brands for international markets. Its portfolio includes Beauty of Joseon, SKIN1004, TIRTIR, Round Lab and SKINFOOD, supported by distribution businesses including Craver. The business began in 2015 and the current company was incorporated in December 2016. [1][2] The group expanded substantially through acquisitions. TIRTIR entered consolidation in 2025, followed by SKINFOOD and Seorin, the company behind Round Lab. The resulting financial statements reflect a changing group perimeter, rather than purely organic growth. [2]
Competitive Edge
A PORTFOLIO OF INTERNATIONAL BRANDS Beauty of Joseon, SKIN1004, TIRTIR and Round Lab give the group exposure to several distinct skincare and cosmetics franchises. This broadens its product base, although demand remains concentrated in beauty. [1] SHARED DISTRIBUTION CAPABILITIES Craver and other group businesses provide channels through which brands can reach overseas customers. The investment case is whether shared distribution can help acquired brands grow while preserving their identity. [1][2] PROFITS AND CASH GENERATION FY2025 consolidated revenue was ₩1.472tn, operating profit ₩273.4bn and operating cash flow ₩185.5bn. Operating margin was 18.6%, calculated from the audited statements. [2]
Why We’re Watching
Goodai is a useful case study in the economics of a K-beauty brand group. Revenue rose 294.5% in 2025, while operating profit grew 98.5%; acquisitions were a major part of that expansion. The next question is how consistently the enlarged portfolio can generate earnings and cash after integration. [2] Our focus is on brand performance, cash conversion and the capital structure. An ₩800bn convertible bond issued in August 2025 makes the terms of any future conversion or IPO material to equity holders. Reported IPO targets are not an established market valuation, so this profile does not present them as a priced funding round. [2]
Key Risks
ACQUISITION-DRIVEN COMPARABILITY Several businesses entered consolidation during 2025. The year-on-year increase is not an organic growth measure, and FY2023–24 are unaudited K-IFRS-restated comparatives in the FY2025 report. [2] LEVERAGE AND INTANGIBLES At end-2025, total liabilities were 575.5% of equity. Intangible assets were ₩1.690tn, or 59.3% of total assets. These include acquisition-related assets that may be impaired if brand performance weakens. The liabilities-to-equity ratio includes all liabilities, not just interest-bearing debt. [2] CONVERSION AND REDEMPTION TERMS The ₩800bn CB can dilute existing shareholders. Its conversion price is subject to contractual adjustment, including conditions linked to IPO pricing, and holders have redemption rights in specified circumstances. CB investors are not shown as existing equity shareholders. [2] CONSUMER DEMAND AND INTEGRATION Beauty trends, distributors and overseas sales channels can change quickly. Managing a growing portfolio also adds execution risk across brands and markets. OWNERSHIP CONCENTRATION Founder Cheon Ju-hyeok held a disclosed 96.4% at 31 December 2025. This is a historical, non-fully-diluted snapshot, not a current cap table. [2][3]
Publicly Reported Metrics
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[1] Goodai Global — official history and brand portfolio (reviewed 23 October 2026): https://www.goodai-global.com/en/company/history [2] Goodai Global — FY2025 consolidated audit report, filed 13 April 2026. Financial statements; Notes 1, 23, 24 and 42. FY2025 audited; FY2023–24 K-IFRS-restated comparatives unaudited: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260413002204 [3] Goodai Global — FY2025 separate audit report, filed 13 April 2026, Note 1 (parent ownership): https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260413002195 [4] Goodai Global — FY2025 results release, 9 July 2026. Its full-year simple sum of parent and subsidiary figures is distinct from consolidated results and is not used in these charts: https://www.goodai-global.com/en/newsroom/news/16 LASQUAD calculations use the DART figures. LAKA was removed from the current portfolio description because the FY2025 filing records disposal of the entire stake. Ownership percentages are rounded as disclosed; the 3.6% remainder is calculated and its holders are not individually identified here.
AT A GLANCE
Founded
2015 · incorporated December 2016
Headquarters
Seoul, South Korea
Last Updated
23 October 2026