NY-based asset manager Blackstone to acquire Korean hair salon chain

Global asset management firm Blackstone announced Tuesday it has agreed to "make a significant investment" in a Korean hair salon chain, amid growing global demand for K-beauty services. Private equity funds affiliated with the firm have "entered into a definitive agreement to make a significant investment" in JUNO Hair, the New York-based asset management firm said in a press release. Both JUNO Hair and Blackstone declined to comment on the exact amount of the agreement, though JUNO Hair reportedly valued the entire stake in its brand at 800 billion won ($574.4 million) during negotiations with Blackstone. "We are seeing explosive global demand for Korean beauty services. Consumer beauty and wellness services are an important investment theme for Blackstone's Asia Private Equity business," Blackstone said. The asset management firm added that JUNO Hair's founder, Kang Yun-seon, will remain in her role as chief executive officer (CEO) and partner together with Blackstone to drive the hair salon chain's continual growth. JUNO Hair, which started off as a hair salon in 1982, has grown intoWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times