As beauty consumers seek value, VMG Partners has acquired an undisclosed minority stake in Miss A at a 1 trillion Korean won valuation, or roughly $672 million at the deal’s closure, as the dollar beauty retailer aims for $1 billion in annual sales by 2030.

The deal marks a major turning point for the previously bootstrapped Dallas-based company known for its ultra-affordable makeup, beauty tools and accessories, largely priced between $1 and $1.88 and sold primarily under its proprietary brands. Currently operating 100 mall stores in 23 states, Miss A expects to reach 200 stores by the end of 2027 and between 500 and 550 locations by 2030. The company, which has its largest concentration of stores in Texas, is adding stores in existing markets and branching into new ones, including Pennsylvania, Oregon, Wisconsin, Massachusetts and Rhode Island.

The investment comes after two years of rapid growth. Sales increased 34% in 2024 and 58% in 2025, more than doubling over the two-year period. The retailer projected last year that it would hit more than $100 million in 2025 sales. By July 2026, Miss A had already surpassed its full-year 2025 revenue, with the important holiday shopping season still ahead, according to Jean Baik, co-founder and chief product officer of Miss A.

“We always said we wanted to bring in a minority investor right when we’re around the 100th store because after 100 it’s going to be a faster expansion plan. More than just the capital, it’s the partnership that they could bring to us…and just building that brand together,” says Baik, who runs Miss A with her husband, CEO Kenneth Baik. The couple retains majority ownership and will continue leading the company in their existing roles.

Miss A joins Vacation, The Doux, Danessa Myricks Beauty, Kosas, Snif and Tone among the beauty companies in VMG’s portfolio. The firm typically invests between $10 million and $200 million in consumer businesses generating at least $10 million in annual revenue. Its beauty exits include Drunk Elephant, K18 and Sun Bum. VMG closed a $1 billion consumer-focused fund in May last year. Its investments have generally stuck to individual brands, but it has backed physical-location businesses such as aesthetics chain Ovme and ear-piercing specialist Rowan.

Miss A is using the investment to fuel store expansion, hiring and improvements to its supply chain, distribution centers and operational infrastructure. The company has appointed George Hill, formerly chief retail officer at Five Below, president and COO. It’s recruiting a CMO and other executives.

Starting next year, Miss A plans to expand beyond traditional shopping malls for the first time, opening stores in strip malls. “There’s a big opportunity there, and our customer is also there based on our research,” says Baik. “We’re very profitable and our four-wall economics are very good.”

The company’s business has evolved considerably since opening its first store in 2016. Originally carrying third-party beauty brands, Miss A shifted towards owned brands for its assortment with AOA Studio, its affordable cosmetics and beauty tools line, anchoring it. AOA Studio accounts for about 90% of Miss A’s product assortment.

A newer AOA Pro line offers elevated makeup, accessories and professional-quality beauty tools priced under $10. Another recent introduction is AOA Skin, which focuses on affordable skincare, including Korean-made ginseng products, hyaluronic acid formulas and toner pads, priced between $5 and $10.

Although AOA Studio is the largest sales contributor, Miss A intends to expand its higher-priced AOA Pro and AOA Skin assortments in 2027. It also plans to enter haircare under the AOA brand.

Makeup is Miss A’s largest category by sales, and makeup brushes are experiencing a strong resurgence this year. The retailer sells approximately 130 brush styles. Makeup sponges, South Korean-made sheet masks priced at $1.33 and lip glosses are strong performers, too. Baik attributes the popularity of makeup tools partly to younger shoppers looking for inexpensive options for everyday essentials.

“We’re very profitable and our four-wall economics are very good.”

Although beauty has historically been resilient to economic pressures, consumers are scrutinizing what they spend on products. According to McKinsey & Co., 24% of global beauty consumers reported trading down to less expensive products in the year leading up to early 2025. Against a backdrop of dupe culture, Circana found this year that just 14% of beauty buyers in the United States believe higher prices signal better quality, and 51% have purchased a beauty dupe.

“You got to go to Sephora and get that $30 lip gloss,” she says. “Then they come to Miss A, and in Miss A, they’re getting all their basics that they need to do makeup.”

Last summer, Miss A introduced Seoul Scandal, a dedicated K-Beauty shop-in-shop concept that now operates in approximately 70 of its stores. The 600- to 800-square-foot spaces feature more than 200 K-Beauty brands like Anua, Medicube and Dr. Althea. Products in the concept are generally priced between $10 and $20 and are largely focused on skincare. New Miss A locations will incorporate the concept from opening. Existing stores are being remodeled to accommodate it.

“I think Korean skincare is here to stay. It’s just a part of skincare now,” says Baik. “It’s just going to be about which brands are really staying ahead and being innovative.”

Outside of its own stores, Miss A has established a growing wholesale business with major mass retailers. Since 2024, its skincare products and beauty tools have been available at Dollar General’s more than 20,000 stores. Miss A’s products are carried at Popshelf, a Dollar General-owned specialty retail chain with about 180 units that specializes in affordable beauty, home décor and seasonal merchandise.

Miss A has been testing an assortment of beauty tools and its bestselling Paw Paw makeup sponges in approximately 300 Walmart stores. The partnership is expected to grow in early 2027.

Online, Miss A has found success on Amazon and TikTok Shop, where its Makeup Proof Sealer, a clear gel that can be mixed with cosmetics to make them waterproof, and liquid foundations have become bestsellers. Organic endorsements from influencers including Alix Earle and Jaclyn Hill have helped propel the Paw Paw makeup sponge, priced at $1.55 individually or $9.95 for a six-pack, to the No. 1 spot in beauty sponges on Amazon, according to Baik.

As the costs of influencer marketing rise, Miss A prioritizes physical stores as a customer acquisition tool. Baik says new store openings drive traffic to the company’s e-commerce business, which remains steady even as brick-and-mortar sales account for a greater share of revenue.

“If we open a store and invest that money to open a store, essentially that’s like a billboard for us in the mall with millions of shoppers walking across it every year,” says Baik. “We open a Miss A in a new city, in a new demographic market, and we see traffic converting into online.”

The retailer’s commitment to low prices was tested by tariffs in 2025, prompting modest price increases on select products. Some items previously priced at $1.33 increased to around $1.55, although most of the assortment was unaffected. Miss A has diversified its manufacturing network over the past several years, sourcing products from South Korea, China, Taiwan, Vietnam and India to reduce its reliance on individual suppliers.

This article was revised on Friday, Oct. 30 to reflect that Miss A’s valuation at the time its deal with VMG closed was roughly $672 million.

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