South Korea’s CJ Group got offers from six investors for a minority stake in its cosmetics chain CJ Olive Young during the final round of bidding on Wednesday (December 16).

The remaining bidders are financial investors Goldman Sachs Principal Investment Area, JKL Partners, IMM Private Equity, STIC Investments and Glenwood Private Equity, and Hyundai Department Store Group, industry sources said.

They are reportedly attracted to the beauty chain’s strong market position. Olive Young has more than 1000 stores nationwide, with a market share exceeding 50%, and its customer base is expanding as men and younger consumers become interested in beauty products.

However, the bidders are less certain about the company’s future growth potential, because the offline market for beauty products has become saturated. Olive Young has started selling products online but still heavily relies on its offline revenue.

CJ Group plans to sell a stake of up to 30% held by the owner’s family. The conglomerate aims to take the chain public as early as 2022, although the timeline won’t be included in the agreement with a preferred bidder, expected to be revealed by the end of this month.

Credit Suisse and Shinhan Investment are running the auction. (Reporting by Ar-rum Rho)