Dongwon Home Food Co., part of South Korea’s Dongwon Group, has been selected as the conditional preferred bidder to acquire 100% of Chamzone’s management shares in a court-supervised sale under the Seoul Rehabilitation Court. The transaction, reportedly valued at hundreds of billions of won, is using a stalking horse process, in which a conditional agreement is followed by public bidding. Dongwon Home Food will become the confirmed acquirer if no rival submits better terms and the court grants final approval. Chamzone, a first-generation domestic functional cosmetics company founded in 1984 by pharmacist-turned-chairman Kim Kwang-seok, previously failed to complete a sale after preliminary interest from three to four strategic investors did not progress to final bidding. The company sought corporate rehabilitation on November 21, 2025, citing accumulated losses. Its 2025 sales fell to 18.1 billion Korean won from 37.3 billion won, while its operating loss widened to 53.1 billion won from 14.7 billion won. Dongwon Group is pursuing the deal as an entry point into beauty, building on Chamzone’s skincare products, including base cosmetics and masks, and its official online mall. The move represents a strategic expansion beyond the group’s core food-products business and would be the first M&A under Chairman Kim Nam-jung’s leadership.