KOSDAQCosmetics226340

Bonne

₩5,830▼ 1.35%2026-10-02 close

Market Cap

₩48.9B

Turnover

₩2.7B

Volume

470,000 shares

Shares out.

8.4M

PER

—

PBR

1.4×

EPS

-₩1,682

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Ownership Change Amid an Earnings Recovery Challenge

As former OurHome Chairwoman Gu Mi-hyun, from the broader LG family, proceeds with a takeover and large capital injection, Bonne faces the task of reversing the revenue decline and operating losses that have persisted since 2025.

1
Under a change-of-control agreement disclosed on July 31, 2026, Gu Mi-hyun agreed to acquire a 37.70% stake for 14.0 billion won at 4,427 won per share, with the balance due on September 10, 2026.
2
In parallel, a combined 22.2 billion won capital raise through convertible bonds and a third-party rights issue is underway, expected to improve the balance sheet.
3
Consolidated 2025 revenue fell sharply to 46.0 billion won, with an operating loss of 8.3 billion won and an owner net loss of 14.8 billion won, marking a second straight year of deteriorating profitability.
4
Operating losses have continued for five consecutive quarters from Q1 2025 through Q1 2026, with the most recent quarter's revenue of 9.3 billion won down from a year earlier.
5
The in-house brand Touch in Sol has been expanding its distribution by operating dedicated displays in major CJ Olive Young flagship stores since July 2026.

Business structure

Founded in 2009 and listed on KOSDAQ in 2018, Bonne is a cosmetics manufacturer that built an asset-light, factory-less ODM model, focusing on R&D and product planning while relying on an outsourced manufacturing network to develop and supply products to brand clients across skincare, body care, and makeup categories.

During its previous growth phase, roughly 75% of standalone export sales came from the United States, with key clients including US indie beauty brands with strong fan followings such as PIXI, Fenty Skin, Rare Beauty, and Kendo.

Its own brand portfolio includes the color cosmetics brand Touch in Sol, present in more than 30 countries, along with the skincare brand Medisol. Its subsidiaries include Atosafe, an eco-friendly detergent maker, reflecting continued portfolio diversification.

Compared with larger domestic cosmetics ODM players such as Cosmax, Kolmar Korea, and Cosmecca Korea, Bonne is relatively small and distinguished by its factory-less, asset-light structure.

In August 2026, the company entered a governance transition as the stake held by founder Lim Seong-gi and related parties was transferred to Gu Mi-hyun, a member of the broader LG family and former OurHome chairwoman.

The company has confirmed the identity of the incoming controlling shareholder while stating that future management plans have not yet been finalized.

Earnings trend

Quarterly revenue · Operating profit

₩13.1B-₩1.5B25Q1₩12.3B-₩2.6B25Q2₩12B-₩1.7B25Q3₩8.6B-₩2.6B25Q4₩9.3B-₩2.1B26Q1

RevenueOperating profit

Annual revenue · Operating profit

₩60.7B₩700M2022₩72.9B₩6.7B2023₩68.7B₩1.7B2024₩46B-₩8.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q1	₩13.1B	-₩1.5B	−11.1%
2025Q2	₩12.3B	-₩2.6B	−21.1%
2025Q3	₩12B	-₩1.7B	−14.1%
2025Q4	₩8.6B	-₩2.6B	−30.0%
2026Q1	₩9.3B	-₩2.1B	−22.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩60.7B	₩700M	₩1B	1.2%	4.0%	182.0%
2023	₩72.9B	₩6.7B	₩100M	9.2%	0.4%	120.1%
2024	₩68.7B	₩1.7B	-₩8.8B	2.5%	−18.1%	56.4%
2025	₩46B	-₩8.3B	-₩14.8B	−18.1%	−42.7%	56.1%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

On an annual basis, revenue rose from 60.7 billion won in 2022 to 72.9 billion won in 2023, but then declined for two straight years to 68.7 billion won in 2024 and 46.0 billion won in 2025. The operating margin fell sharply from 9.2% in 2023 to 2.5% in 2024, before turning negative at -18.1% in 2025.

Operating profit itself dropped from 6.7 billion won in 2023 to 1.7 billion won in 2024, then flipped to an 8.3 billion won operating loss in 2025.

Owner net income stayed marginally positive at 1.0 billion won in 2022 and 0.1 billion won in 2023, before swinging to losses of 8.8 billion won in 2024 and 14.8 billion won in 2025.

On a quarterly basis, operating losses have persisted for five straight quarters, from Q1 2025 (-1.5 billion won) through Q2 2025 (-2.6 billion won), Q3 2025 (-1.7 billion won), Q4 2025 (-2.6 billion won), and Q1 2026 (-2.1 billion won).

Q4 2025 stood out, with revenue falling to 8.6 billion won while the owner net loss widened sharply to 9.4 billion won, reportedly reflecting non-cash, one-off intangible asset impairment charges related to subsidiaries.

In Q1 2026, revenue of 9.3 billion won declined from 13.1 billion won a year earlier, but the operating loss of 2.1 billion won and owner net loss of 0.9 billion won were both narrower than the prior quarter.

Cash and cash equivalents declined from 17.2 billion won at end-2024 to 7.9 billion won at end-2025 and 5.4 billion won at end-Q1 2026, reflecting ongoing liquidity pressure.

Industry analysis

Bonne's earlier growth phase was closely tied to the expansion of the US indie beauty brand market, with rising orders from fan-driven emerging brands fueling results.

More recently, however, the termination of supply contracts for key products in its core ODM business has driven client attrition, becoming a central factor behind the earnings slowdown.

In Korea's cosmetics ODM industry, larger players such as Cosmax and Kolmar Korea benefit from scale economies and diversified client portfolios, whereas Bonne's greater reliance on a smaller number of overseas clients has made its results comparatively more volatile to client-specific issues.

While overall K-beauty export growth continues, individual companies are seeing widening performance gaps depending on their brand portfolios and client diversification.

Amid a broader shift in distribution toward health-and-beauty stores and online channels, Bonne is attempting to expand offline distribution for its own brand, Touch in Sol.

Industry-wide shifts such as the introduction of customized cosmetics regulations and sustainability trends are underway, suggesting that the ability to secure new brand clients will be a key differentiator for smaller ODM companies like Bonne going forward.

Outlook

The nearest event to watch is the balance payment for the change-of-control transaction, scheduled for September 10, 2026. Once completed, Gu Mi-hyun will formally become the controlling shareholder with a 37.70% stake.

The company has stated that the concurrent 22.2 billion won capital raise via convertible bonds and a rights issue will be used to expand its cosmetics brand business and fund operations.

However, a company representative confirmed the incoming shareholder's identity while noting that detailed future management plans have not yet been set, suggesting that concrete strategic direction will likely emerge only after the ownership transfer is finalized.

On the business side, the in-house brand Touch in Sol has been expanding consumer touchpoints, moving from an online launch at CJ Olive Young in March 2026 and nationwide offline placement in May, to dedicated displays in flagship 'Town' stores in major commercial districts from July.

The company has outlined a strategy to leverage this expansion to capture demand from foreign tourists and grow sales through overseas online channels such as Amazon in the United States.

Regarding listing maintenance, the market capitalization had fallen below the KOSDAQ delisting threshold of 20 billion won, but it temporarily rose above that level following the sharp increase in market value after the change-of-control announcement.

Valuation

PER

—

PBR

1.4×

ROE

-34.5%

EPS

-₩1,682

BPS

₩3,960

Dividend per share

₩0

Bonne has posted net losses in each of the last four quarters, making the price-to-earnings ratio difficult to interpret meaningfully.

In terms of price-to-book, the stock trades at a level that reflects some premium over net asset value, which may partly capture market expectations tied to the change of control and the large capital raise. There has been no recent dividend payment, making the dividend-yield angle relatively unattractive.

Looking at the multi-year earnings trend, the company moved from a modest profit in 2023 to losses in 2024 and 2025, and a clear signal of a return to profitability has not yet emerged.

How the new capital inflow and prospective business restructuring following the ownership change will be reflected in valuation will likely depend on subsequent earnings improvement and the strategic direction the new management team ultimately announces.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04

Bull factors

Takeover Backed by LG-Family Capital and Balance Sheet Reinforcement

Gu Mi-hyun is investing roughly 24 billion won of personal capital combining the share purchase and convertible bond subscription, while the company itself will receive a total of 22.2 billion won in new funding.

This is a scale of capital that could quickly improve Bonne's balance sheet after a period of shrinking liquidity. Following the completion of the ownership transfer on September 10, discussions on new investment and business restructuring may gain momentum.

Distribution Expansion for the Touch in Sol Brand

Touch in Sol moved from an online launch at CJ Olive Young in March 2026 to nationwide offline expansion in May, and has been operating dedicated displays in flagship Town stores in major commercial districts since July.

The company's strategy is that this domestic channel expansion, built on brand recognition across more than 30 countries, could translate into repeat overseas online purchases.

Temporary Easing of Delisting Risk

Bonne had been exposed to the risk of being designated an administrative issue as its market capitalization fell below the KOSDAQ listing maintenance threshold, but the sharp rise in share price and market value following the change-of-control announcement temporarily lifted it above that threshold.

If the balance sheet improvement from new capital inflows is sustained, the listing maintenance burden could ease further.

Bear factors

Revenue Base Damage from Termination of Key ODM Contracts

The primary reason revenue fell sharply to 46.0 billion won in 2025 was the termination of supply contracts for key products within the core ODM business. Given the company's reliance on a small number of overseas clients, a recurrence of similar issues cannot be ruled out. Q1 2026 revenue also declined year over year, and a clear recovery has not yet been confirmed.

Balance Sheet Impact from Non-Cash Impairment Losses

The sharp widening of the owner net loss to 9.4 billion won in Q4 2025 was reportedly linked to one-off, non-cash intangible asset impairment charges tied to subsidiaries. Cash and cash equivalents also declined from 17.2 billion won at end-2024 to 5.4 billion won at end-Q1 2026, narrowing liquidity headroom. If subsidiary performance remains weak, further impairment recognition cannot be ruled out.

Dilution Burden from Convertible Bonds and the Rights Issue

The 5th and 6th round convertible bonds reportedly carry a conversion price of 1,396 won, and analysis suggests that full conversion could result in a substantial number of new shares being issued.

Combined with the new shares from the third-party rights issue, there is a potential for the fully diluted share count to expand significantly. If conversion requests proceed going forward, existing shareholders' ownership percentages could be meaningfully reduced.

Risk factors

Governance Transition Risk

In the transition of controlling shareholder from the founder to a figure connected to the broader LG family, no concrete business strategy has yet been disclosed.

Since the company itself has stated that future management plans have not been finalized, uncertainty remains regarding the continuity and direction of the cosmetics business. The specific contours of the strategy are likely to emerge once the new management team is formally in place.

Customer Concentration Risk

During its earlier growth phase, the company relied heavily on a small number of US indie beauty brands, and this structure was a direct cause of the sharp earnings decline in 2025. If the pace of securing new clients slows going forward, recovery of the revenue base could be delayed.

Financial Structure and Dilution Risk

With cash and cash equivalents having steadily declined, the company is raising capital through convertible bonds and a rights issue, leaving the possibility of increased share count and dilution for existing shareholders if conversion rights are exercised.

In addition, if further impairment losses related to subsidiaries are recognized, this could place additional strain on the balance sheet.

What to watch next

September 10, 2026
Confirm whether Gu Mi-hyun completes the 12.6 billion won balance payment and finalizes the change-of-control process.
Mid-September 2026 onward
Following the completion of the ownership transfer, monitor the extraordinary general meeting for the appointment of new directors and any announcement of future business strategy.
Mid-November 2026 (Q3 report filing)
Check the Q3 2026 report for signs of revenue recovery and whether the impact of the Touch in Sol Olive Young Town store rollout is reflected.
Once the convertible bond conversion window opens
Track whether conversion requests proceed on the 5th and 6th round convertible bonds priced at 1,396 won, and the resulting change in shares outstanding.

Overall view

Since 2025, Bonne has seen both revenue and profitability contract, driven by the termination of key ODM contracts and subsidiary impairment charges, resulting in five consecutive quarters of operating losses.

Against this backdrop, a takeover by former OurHome Chairwoman Gu Mi-hyun, a member of the broader LG family, and a combined 22.2 billion won capital raise are underway, with the balance payment scheduled for September 10, 2026.

The incoming controlling shareholder has committed substantial personal capital, easing some listing maintenance and liquidity concerns, but a detailed future management strategy has not yet been disclosed.

Efforts to diversify distribution, such as expanding the Touch in Sol brand into CJ Olive Young Town stores, are underway, though whether this will translate into a revenue recovery remains unconfirmed.

Potential share dilution from the convertible bonds and rights issue, along with the company's reliance on a small number of clients, remain factors to watch.

Overall, Bonne is navigating a period defined by both a governance transition and an earnings recovery challenge, with the composition of the new board and forthcoming results serving as the key points to monitor.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.