K-Beauty Boom Lands Former Dermatologist On Korea's 50 Richest List
A woman receiving facial treatment at a beauty clinic.
This story is part of Forbes' coverage of Korea's Richest 2025. See the full list here.
The growing K-beauty craze catapulted Jung Sung-jae, founder of beauty device maker Classys, into the ranks of Korea's 50 Richest list for the first time with an estimated fortune of $760 million.
The company's shares shot up more than 50% in the past year on the back of increasing popularity of Korean cosmetics and beauty devices. Cosmetics exports out of South Korea grew 21% year-over-year in 2024 to a record $10.2 billion, according to the country's Ministry of Food and Drug Safety. Classys' revenue rose over a third from a year ago to 243 billion won ($170 million) in 2024, with 67% of sales coming from overseas markets, while net income increased 32% to 98 billion won over the same period.
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Based in Seoul's upscale Gangnam neighborhood, Classys was founded by Jung, a former dermatologist, in 2007. The company sells to hospitals and beauty clinics, as well as directly to consumers through its own online shopping mall, in more than 80 countries such as Australia, Brazil, Thailand and the U.S. Its flagship product is Ultraformer MPT (which stands for 'Micro-Pulsed Technology'), a high-intensity focused ultrasound (HIFU) device that provides a non-invasive way to tighten and lift skin by regenerating new collagen.
In 2022, Bain Capital Private Equity bought a 60% stake in Classys from Jung and his wife, Lee Yeon-joo, and their two children for 670 billion won (about $560 million at the time). Shortly after the deal, Jung handed over the reins of the company to Baek Seung-han, the company's chairman and CEO, to position it better for overseas growth leveraging Bain Capital's global network. The cash from the stake sale accounts for the bulk of Jung's fortune, while the family retain a minority stake in the business.
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