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Behind One Pack of Lenses Sits a 215 Billion Won Valuation
Have you ever searched for the colored contacts Jang Wonyoung wears? These days, that search comes with a hefty price tag attached. Private equity firm KL&Partners has acquired roughly 65% of the controlling stake in PPB Studios, the company behind color lens brand HAPA Kristin, for about 140 billion won (around $104 million at 1,350 won per dollar). Scaled up from that stake, the company’s full valuation comes out to roughly 215 billion won.
The deal transferred an existing controlling shareholder’s stake — it isn’t Jang Wonyoung selling the brand herself. Jang Wonyoung is HAPA Kristin’s model; what changed hands was equity in PPB Studios, the company that runs the brand. A model’s fame and a company’s ownership are two different things worth keeping separate.
How HAPA Kristin Grew
PPB Studios was founded in 2011 and launched HAPA Kristin in 2019. The company’s consolidated revenue rose from 39.2 billion won in 2023 to 49 billion won in 2024 and 58.9 billion won in 2025. In 2025 it turned a profit, posting 5.3 billion won in operating income. Revenue growth above 20% for two straight years became a key justification for the acquisition price.
Colored contacts are small products — they just change the color and rim of your iris — but color and diameter can shift someone’s whole look. Rather than selling one specific shade, HAPA Kristin sold the broader impression of “eyes as clear as Jang Wonyoung’s,” borrowing the IVE member’s image. The brand also built recognition in overseas markets including Japan and China, earning credit for not relying on domestic trends alone.
Korea and Overseas Sell Lenses Differently
On HAPA Kristin’s official Korean site, one-day colored lenses generally start around 19,000–20,000 won depending on the product and set — roughly $14–15 at 1,350 won per dollar. Keep in mind prices shift with prescription strength, quantity, and promotions, so check the final total before you check out.
Here’s a common misunderstanding: in Korea, contact lenses aren’t classified as regular cosmetics — they’re medical devices. Even if you pick a product on the official site, you can’t just have it shipped straight to your door. You book an appointment at an optical shop and pick it up in person. Many overseas markets allow online sales, which gives the brand more room to expand through e-commerce — one reason the acquirer reportedly saw strong overseas growth potential.
What the Private Equity Firm Saw
KL&Partners has already acquired a controlling stake in skincare brand Manyo Factory. Add HAPA Kristin, and you get a K-beauty portfolio spanning both basic skincare and colored lenses. Misto Holdings, which runs brands including Fila and Titleist, participated as an investor in this deal, raising the possibility of collaboration around overseas distribution and fashion-consumer touchpoints.
It’s hard to read 140 billion won as a price tag for current lens sales alone. It looks closer to a valuation of overseas revenue growth, a product category that depends on repeat purchases, and the brand recognition built through Jang Wonyoung, all bundled together. A high valuation like this bakes in future growth, though — so how efficiently the new owner scales overseas stores will decide whether this investment actually pays off.
What You Should Actually Check
The deal closing doesn’t mean the product names, prices, or model change overnight. After a controlling-stake sale like this, distribution countries, store counts, new-product cycles, and discount policies can shift gradually. If you already wear a HAPA Kristin lens, check your prescription, tinted diameter, and pack quantity first through the official site and your regular optical shop — the same color name can fit and feel different across product lines.
Above all, colored lenses touch your eyes directly. Rather than picking based on how a shade looks in an ad photo, it’s worth consulting an optician or ophthalmologist to match the prescription and material to your eyes. If you feel pain, redness, or blurred vision, take the lens out right away and see a doctor. This deal’s size tells you about the brand’s popularity — whether a product is right for your eyes is a question of safe wear, not company valuation.
Source: Kim Kwan-rae, Chosun Biz, August 6, 2026; Park Ji-young, Herald Economy, July 10, 2026; HAPA Kristin official website, accessed August 11, 2026.
