MBK Partners has agreed to invest in AXIS-Y, the global vegan K-beauty brand, taking a minority growth stake in a deal that values the business at about 430bn won ($320m). Under the agreement, the North Asian buyout firm will acquire a 40% stake in Asia Master Trade, the company behind AXIS-Y, for roughly 172bn won ($128m). The founder will retain the remaining 60%, stay the largest shareholder, and continue to lead the company.

Conveniently, the beauty brand is already global and profitable. Since launching in 2019, AXIS-Y has reached around 100 countries, generates more than 90% of its revenue outside Korea, and has sold over 20m units of its hero product, the Dark Spot Correcting Glow Serum.