Hapakristina, color-lens brand fronted by Jang Won-young, set for private equity acquisition

KLN Partners, a private equity fund manager, is set to acquire PPB Studios, the operator of color-lens brand Hapakristina. The deal expands the firm's K-beauty portfolio, following its earlier acquisition of skincare brand Manyo Factory.

According to investment banking industry sources Thursday, KLN Partners recently signed a share purchase agreement to acquire approximately 65 percent of PPB Studios for 140 billion won ($92.7 million). The transaction is expected to close as early as the end of this month, when the remaining payment is due.

PPB Studios was founded in 2011 by CEO Hong Jae-beom. After pursuing various projects including fashion brands, the company now focuses on Hapakristina, a color-lens brand launched in 2019. Since signing IVE member Jang Won-young as its model, the brand has gained popularity not only in South Korea but also in Japan, China and other overseas markets.

Sales have grown more than 20 percent annually — from 39.2 billion won in 2023 to 49 billion won in 2024 and 58.9 billion won in 2025. Last year, the company turned profitable, posting operating profit of 5.3 billion won.

KLN Partners appears to have acquired PPB Studios based on a strong assessment of the global color-lens market's growth potential. PPB Studios entered overseas markets from the early stages of Hapakristina's launch, and a significant portion of its sales still comes from abroad. Unlike South Korea, where online sales of contact lenses are prohibited, overseas markets allow active online retail — leaving considerable room for further expansion.

Also notable is the participation of Misto Holdings as a limited partner in the deal. Misto Holdings is a fashion holding company that operates global brands including Fila, Titleist and FootJoy, and was formerly known as Fila Holdings. The company also distributes five domestic indie fashion brands — including Matin Kim and Marithe + Francois Girbaud — in China, Hong Kong and other markets. The arrangement is expected to generate synergies with Hapakristina as it pursues global expansion.

Industry observers see the deal as part of KLN Partners' broader strategy of investing in consumer brands. The firm has made a series of investments in K-culture companies with strong brand recognition and overseas scalability, spanning sectors from food and beverage to cosmetics. Its approach involves acquiring domestically proven brands and then boosting their value by combining overseas distribution networks with localized business strategies.

The clearest example is Mom's Touch. KLN Partners acquired a controlling stake in the burger chain for about 200 billion won in 2019, then invested an additional 100 billion won to buy out remaining shares through a tender offer. After delisting the company from Kosdaq, it pursued a two-track strategy of improving domestic operational efficiency while expanding abroad. The chain entered Mongolia, Laos and Thailand through master franchise agreements, and launched in Japan in 2024 through a locally incorporated subsidiary operating company-owned stores. KLN Partners is targeting 100 franchise agreements in Japan this year. The firm recently appointed Citigroup Global Markets as its lead manager and is working on a sale, with the market valuing the company at around 1 trillion won.

The Manyo Factory investment follows a similar pattern. KLN Partners acquired a 51.87 percent controlling stake in Manyo Factory for about 190 billion won in April last year. Manyo Factory is a K-beauty brand known for its strengths in skincare products such as serums, ampoules and cleansing oils. As of the first quarter of this year, overseas sales accounted for 66.4 percent of total revenue, with domestic sales at 33.5 percent. Like Hapakristina, it is a brand with a well-established global revenue base.

KLN Partners is a private equity fund manager founded in 2015 by CEO Kim Ki-hyun, who previously worked at Stic Investments and Eastbridge Capital. The firm has built a solid presence in South Korea's small- and mid-cap investment market through a combination of buyouts and minority-stake investments.