Macquarie Asset Management has signed a stock purchase agreement to acquire South Korean cosmetics manufacturers Hwasung Cosmetics and Nowcos from Affirma Capital for approximately ₩300 billion. The transaction covers Affirma’s 70% stake in Hwasung Cosmetics and its entire 100% stake in Nowcos. Macquarie was selected as preferred bidder after a final auction led by Samsung Securities and Rothschild in early August, with a European strategic investor also expressing interest. Hwasung specializes in color cosmetics, while Nowcos focuses on base cosmetics and skincare products, both under the original design manufacturing (ODM) model. The acquisition expands Macquarie’s South Korean portfolio beyond infrastructure and reflects growing private-equity interest in the manufacturing and distribution foundations of the K-beauty industry. Affirma is exiting the investments after selling Sung Gyung Food earlier this year and is seeking to build a record of stable returns.