Is d'Alba Korean or Italian? d'Alba Global, the Korean Company Behind the White Truffle Mist

From the d'alba Piedmont store on Amazon: White Truffle First Spray Serum (Original)Affiliate link. As an Amazon Associate, EpicKor earns from qualifying purchases at no extra cost to you.

Quick Answer

Is d'Alba Korean or Italian? Korean. The brand belongs to d'Alba Global Co., Ltd. (주식회사 달바글로벌), a company founded in Seoul in 2016 and headquartered in Mapo-gu, Seoul. It has been listed on the main board of the Korea Exchange (KOSPI, ticker 483650) since 22 May 2025.

Is d'Alba made in Italy? No. The company has no factory of its own. Its products are made in Korea by Korean contract manufacturers, mainly B&B Korea (비앤비코리아) and Kolmar Korea (한국콜마). The official Korean product notice for the First Spray Serum gives the country of origin as 대한민국 (Republic of Korea).

So where does "Italian" come from? Two things. The company's IPO prospectus says the name "d'Alba" comes from "이탈리아 알바(Alba) 지역", the Alba area of Italy, and links it to the white truffle produced there. (Alba is a town in Piedmont, northern Italy; that geography is our note, not the filing's.) And its key ingredient is a white truffle extract that the company describes as Italian-origin (이탈리아산). Italy is the concept and the source of one ingredient. Korea is the company, the formula owner and the factory.

Who owns d'Alba? No single owner. The founder and CEO, Ban Sung-yeon (반성연), is the largest shareholder with 18.24% on 30 June 2026, or 21.03% together with five other executives. Korea's National Pension Service holds 9.43%, the UK fund manager M&G 7.67%, and about 40,000 small shareholders hold the rest.

This is a public-information company spotlight. EpicKor has no relationship with d'Alba Global, and nothing here is investment advice. Won figures come from the company's DART filings unless a press source is named. Dollar figures use ₩1,363 to the dollar for 2024, ₩1,421 for 2025 and ₩1,483 for the first half of 2026, the averages of the US Federal Reserve's daily KRW/USD rate (FRED series DEXKOUS) for those periods, and are rounded.

Quick Guide: d'Alba Global At A Glance

Why So Many People Think d'Alba Is Italian

It is an easy mistake, and the brand invites it.

1. The name is Italian. "d'Alba" reads as "of Alba". The company's May 2025 IPO prospectus says it directly: "브랜드 이름 '달바'는 알바(Alba) 지역에서 유래했으며" (the brand name comes from the Alba area). The same passage describes product development as starting from "이탈리아 알바(Alba) 지역에서 생산되는 백트러플", white truffle produced in the Alba area of Italy, and says that truffle symbolises the brand identity.
2. The label says "piedmont". The registered trademark is "d'Alba piedmont", according to the intellectual-property table in the same prospectus, and that is what is printed under the logo. The brand's Amazon store is called "d'alba Piedmont".
3. The label says "White Truffles from Italy". The front of the current First Spray Serum bottle carries that line, and Amazon listings call it the "Italian White Truffle First Spray Serum".
4. There is no Hangul on the front. The bottle front is in English only.

None of that tells you where the company is or where the bottle is filled. For that, you need the Korean paperwork.

What The Korean Filings Actually Say

The company. d'Alba Global's half-year report for 2026, filed on DART on 14 August 2026, gives its legal name as 주식회사 달바글로벌, its founding date as 9 March 2016 and its head office as Mapo-daero 78 in Seoul. It operates under Korea's Cosmetics Act (화장품법) and is classed as a small or medium-sized enterprise and a venture company. Its subsidiaries are sales companies in Russia (2023), Japan (2024) and the US (December 2024; the report's subsidiary table gives a registered address in Dover, Delaware). A Shanghai sales company was set up in June 2026 and showed no assets in the report. None of them is in Italy.

The factory. The report's production section is one sentence long: "당사는 자체 생산설비 없이 외주가공(OEM) 형태로 생산하고 있습니다. 당사의 주요 생산 업체로는 (주)비앤비코리아, 한국콜마(주) 등이 있습니다." In English: the company has no production facilities of its own and produces through outsourced manufacturing (OEM); its main producers include B&B Korea and Kolmar Korea.

The truffle. The research section describes the company's patented ingredient Trufferol™ as a blend of tocopherol (vitamin E) with "이탈리아산 화이트 트러플(흰서양송로추출물)", Italian white truffle extract. The species is not named in that description; it appears only in the title of a September 2022 research paper the report lists, on white truffle (Tuber magnatum). A patent application for the extract and its extraction method was filed in December 2021. Later ingredients (Truvita™, Truffle Tension Complex™, Truffle Exosome™) use the same Italian-origin extract. The filings do not name the extract supplier or say how much truffle is in a bottle.

The product notice. Korean e-commerce rules require an online product notice that names the manufacturer and the country of origin. On d'Alba's official Korean store, checked on 23 October 2026:

Store prices change with promotions, so treat them as what the store showed on 23 October 2026.

So the plain answer is: d'Alba is a Korean brand that uses an Italian ingredient and an Italian place name. The concept is Italian. The company, the formula, the factory and the owners are Korean.

Who Owns d'Alba Global

Since the IPO, ownership has been spread out. The half-year report lists these holders on 30 June 2026, out of 12,484,665 shares:

Ban has not always been the largest holder. Until 19 August 2024 that was KTBN Venture Fund No. 13 (KTBN 13호 벤처투자조합), a Korean venture fund that, together with a sister fund, sold some shares that day, which left Ban on top. The prospectus records venture rounds of ₩2 billion (Series A, February 2019), ₩2 billion (Series B, November 2019) and ₩3 billion (Series C, February 2022). All the preferred shares were converted to common stock in April 2024.

Who is the founder? The filings give only his job: CEO since March 2016. Korean press fills in the rest. Newsis reported in July 2025 that Ban, born in 1981, studied industrial engineering at Seoul National University, joined NHN (now Naver) in 2004, and later led teams at the consulting firms Arthur D. Little Korea and Kearney before founding the company. Treat that as the press's account.

The Listing: ₩66,300 In May 2025

d'Alba Global listed on KOSPI on 22 May 2025. The share-issue table in its half-year report records 604,000 new shares sold at ₩66,300 on 15 May 2025. The prospectus put the net proceeds at about ₩39.5 billion. It was a small raise for a company of this size: most of the shares that started trading belonged to existing holders.

The stock jumped. The Korean weekly Economist reported that it opened at ₩118,000 on the first day and closed at ₩110,100, 66.1% above the IPO price. The same article calls the product by its Korean nickname, "승무원 미스트" (the "flight-attendant mist"). During the first half of 2026 the shares traded between ₩139,800 and ₩260,000, with a June average of ₩207,129, according to the half-year report.

The Numbers: ₩309 Billion To ₩520 Billion In One Year

All figures consolidated. 2024 and 2025 from the FY2025 annual report; H1 figures from the 2026 half-year report and the company's 13 August 2026 preliminary-results disclosure. Margins are EpicKor calculations.

Revenue grew 68% in 2025 and another 48% year on year in the first half of 2026. The low 2024 net profit is not an operating problem: that year's accounts carry ₩36.7 billion of finance costs, against ₩6.3 billion in 2025.

The cost structure is typical of a brand that does not make its own products. The cost of goods was only 24% of 2025 revenue. The big lines are selling costs:

The margin gain in 2026 came mostly from advertising. It rose from ₩41.1 billion in the first half of 2025 to ₩51.7 billion in the first half of 2026, but sales grew faster, so its share of revenue fell from 17.0% to 14.4%. The company spends more than 60 times as much on advertising as on research.

What It Sells: Still Mostly The Mist

The prospectus flagged dependence on the mist as a risk, and the share is falling as the sun care line grows. The other brands are still small. Veganery, a plant-collagen supplement line launched in 2023 according to the prospectus history, made ₩1.1 billion in the first half of 2026. The Truffle di Alba restaurant in Hannam-dong, which the company says it runs to promote the brand, made ₩395 million.

Who Makes It: B&B Korea And Kolmar Korea

d'Alba Global designs the products, owns the formulas and trademarks, and pays contract manufacturers to make and fill them. The IPO prospectus named the three biggest suppliers by share of total purchases:

The two manufacturers together took 62.7% of purchases in 2024. The prospectus says the company keeps at least two producers for each main product group and more than six suppliers in total, so that a problem at one plant does not stop a product. The 2026 half-year report still names B&B Korea and Kolmar Korea as the main producers. Total purchases of finished goods and materials were ₩155.7 billion in 2025.

Kolmar Korea is one of Korea's two largest cosmetics ODMs. It also makes the Anua heartleaf toner and the Beauty of Joseon sunscreen. Our COSMAX deep dive explains how the brand-plus-ODM model works.

Where It Sells: Japan First, Then The US

Revenue by customer location, from the notes to the accounts:

Four things stand out:

• Korea has almost stopped growing. Domestic revenue rose less than 2% between the first halves of 2025 and 2026. All the growth is abroad.
• Japan is the biggest foreign market. A DART disclosure dated 30 June 2026 names a Japanese distributor, JT Co., Ltd., with a supply contract worth at least ¥2 billion (₩18.7 billion) for July 2025 to June 2026.
• The US nearly tripled. H1 US revenue went from ₩18.7 billion to ₩50.3 billion. The company says it enters new countries through Amazon and other online channels first, then moves into local retail.
• Russia is shrinking as a share. The prospectus says d'Alba entered Russia in 2020, listed on the marketplace Wildberries in 2021, entered the beauty chain Gold Apple in May 2022 and set up a local company in 2023. It names Gold Apple, Ozon and Wildberries as its main Russian channels and says sales continued after the war began in 2022. Russian revenue fell from ₩29.3 billion to ₩23.0 billion between the two first halves.

One unnamed customer ("고객 A") accounted for ₩36.2 billion, about 10% of H1 2026 revenue. The filing does not say who it is.

Why People Get d'Alba Wrong, And What Is Fair Criticism

There are reasonable objections to how d'Alba presents itself. An honest page should list them.

• The Italian framing does more work than the ingredient. The label puts "piedmont" and "White Truffles from Italy" on the front and the Korean origin only in the legally required notice. Nothing in the filings is false, but a shopper who reads only the front will assume an Italian product. The filings do not disclose how much truffle extract a bottle contains.
• It is a marketing company more than a lab. R&D spending was 0.35% of revenue in 2025, against 23% for advertising. The company has its own patented ingredients, but the formulas are developed and made with contract manufacturers.
• One product still carries it. The mist was 42% of sales in the first half of 2026. The company calls this a risk in its own prospectus.
• The share price has run far ahead of the IPO. Shares that sold at ₩66,300 averaged more than ₩200,000 in May and June 2026. That is a judgement for investors, not shoppers, and nothing here is advice.
• Lookalikes are common. Amazon search results for "white truffle first spray serum" include products from other sellers with almost the same name. The real one is listed under the d'alba Piedmont store.

None of this changes the answer to the question most people search for. The company is Korean, listed in Seoul, and the products are made in Korea.

How To Tell The Genuine Product

• Look for "piedmont" under the logo and buy from the d'alba Piedmont store on Amazon, the brand's own sites, or Olive Young in Korea.
• Read the back label. The Korean product notice lists d'Alba Global alongside a Korean manufacturer, and the country of origin as Korea.
• Check the version. The 2026 renewal of the First Spray Serum shows "Peptide Exosome 10%" on the front. Older stock may not.

If you shop in Seoul, our Olive Young guide explains the monthly sale cycle.

What The Company Is Doing With The Money

The filings since the listing show a company returning cash and making small bets:

• Dividends. d'Alba Global paid ₩32.5 billion in dividends for 2025, an interim dividend plus a final dividend of ₩403 a share, a payout ratio of 41.1%. In March 2026 it promised to keep the payout at 25% or more for 2026–2028, counting buybacks, and to target a return on equity of 20% or more.
• Buybacks. On 28 September 2026 it decided on a ₩15 billion share-buyback trust with NH Investment & Securities, running from 29 September 2026 to 28 March 2027. That filing shows 83,364 treasury shares (0.67%) already held before the new trust. An earlier buyback trust was signed in April 2026 and ended in July 2026, according to DART filing titles.
• A stake in a Korean fragrance brand. In July 2026 it agreed to pay ₩9.6 billion for 33.61% of Kuoca Skin (쿠오카스킨), the company behind the Korean premium fragrance brand Kuoca (쿠오카), as the press describes it. The DART filing lists its business as cosmetics and soap and its 2025 revenue as ₩6.5 billion, and the deal includes options that could lead to a larger stake later.
• China. A Shanghai sales subsidiary was set up in June 2026. The half-year report lists it with total assets of zero.

Its company credit rating was A+ from NICE D&B in April 2026, up from BBB- (NICE Information Service) a year earlier.

What Korean SMEs Can Take From This

d'Alba Global was a 2016 start-up with a ₩2 billion first round. Its path is useful for smaller Korean brands:

• A story you can say in one sentence travels. "White truffle from Alba" is easy to remember and easy to film. It also creates the confusion this page exists to answer.
• Contract manufacturing lets a brand reach ₩500 billion without a factory. Property and equipment was worth ₩2.0 billion in June 2026.
• Home first, then abroad, one channel at a time. Korea was 54% of revenue in 2024 and 28% in the first half of 2026. Online marketplaces came first in each new country.
• A listing can be modest. The IPO raised about ₩40 billion of new money, from a company that was already profitable.

For a contrast, Goodai Global is still unlisted and funded its brand acquisitions with convertible bonds, while The Founders (Anua) has stayed private and 100% founder-owned.

FAQ

Q: Is d'Alba a Korean brand?

Yes. It belongs to d'Alba Global Co., Ltd. (주식회사 달바글로벌), a Seoul company founded in 2016 and listed on KOSPI since May 2025.

Q: Is d'Alba made in Italy?

No. Its products are made in Korea by Korean contract manufacturers. The official Korean product notice for the First Spray Serum names B&B Korea as manufacturer and Korea as the country of origin. The sun cream is made by Kolmar Korea.

Q: Why is it called d'Alba?

The company's IPO prospectus says the name comes from the Alba (알바) area of Italy, where the white truffle it builds the brand on is produced. Alba is in Piedmont, which is why "piedmont" appears on the label; that link is our note, not the filing's. The brand uses a white truffle extract that the company describes as Italian-origin.

Q: Who owns d'Alba?

It is a listed company with no controlling owner. The founder and CEO, Ban Sung-yeon, is the largest shareholder with 18.24% on 30 June 2026, or 21.03% with other executives. The National Pension Service holds 9.43% and M&G 7.67%.

Q: What is d'Alba Global's stock ticker?

483650 on the KOSPI market of the Korea Exchange. It listed on 22 May 2025 at an IPO price of ₩66,300.

Q: How big is d'Alba Global?

Revenue was ₩519.7 billion (about $366 million) in 2025, with operating profit of ₩101.5 billion. In the first half of 2026 revenue was ₩358.1 billion, and 72% of it came from outside Korea.

Q: Who makes the d'Alba mist?

B&B Korea (비앤비코리아), according to the product notice on the official Korean store. Kolmar Korea is the company's other main manufacturer.

Sources

• d'Alba Global, 2026 half-year report (반기보고서), filed 14 August 2026, DART receipt no. 20260814001262: company overview, history, products and sales by category and market, channels, manufacturers, R&D and truffle ingredients, financial summary, revenue by country, selling costs, shareholders, share prices, share issues, subsidiaries
• d'Alba Global, FY2025 annual report (corrected), filed 7 April 2026, DART receipt no. 20260407001978 (original 20260323000282): 2025 results, revenue by country, cost lines
• d'Alba Global, IPO prospectus (투자설명서, corrected), 8 May 2025, DART receipt no. 20250508000654: brand-name origin, trademarks, company history, venture rounds, main suppliers and their shares, Russia history, risk factors
• DART: d'Alba Global 2026 half-year report
• DART: d'Alba Global FY2025 annual report
• DART: d'Alba Global IPO prospectus, May 2025
• DART: preliminary Q2 2026 results, 13 August 2026
• DART: Japanese supply contract with JT Co., Ltd. (counterparty named 30 June 2026)
• DART: acquisition of 33.61% of Kuoca Skin, July 2026
• DART: 2025 final dividend of ₩403 a share
• DART: corporate value-up plan, 31 March 2026
• DART: ₩15 billion buyback trust, 28 September 2026
• DART: Q3 2026 results date notice, 16 October 2026
• d'Alba official Korean store: White Truffle First Spray Serum product notice and price and Waterfull Tone-Up Sun Cream (checked 23 October 2026)
• Newsis via Daum, "81년생 반성연 달바글로벌 창업대표", 12 July 2025: founder's education and career
• Economist (Korea), "'승무원 미스트' 달바글로벌, 코스피 상장 첫날 70% 급등", 22 May 2025: listing-day opening and closing prices
• MTN, "달바글로벌, 향수 브랜드 '쿠오카' 지분 33.6% 확보", 29 July 2026: Kuoca described as a fragrance brand
• FRED, DEXKOUS South Korean Won to U.S. Dollar spot rate: 2024 average ₩1,363.4; 2025 average ₩1,421.4; January–June 2026 average ₩1,483.3

Last updated: 23 October 2026. Company figures, shareholders, manufacturers, the brand-name origin and the truffle ingredient description are from d'Alba Global's DART filings. The founder's background and listing-day prices are as reported by the Korean press. Shares of revenue, margins and growth rates are EpicKor calculations. Manufacturer names, origins and Korean prices are from d'Alba's official Korean store on 23 October 2026. Amazon listings were checked on 23 October 2026 and can change. Q3 2026 results are due on 12 November 2026, and we will refresh this page after them. EpicKor has no commercial relationship with d'Alba Global, and nothing here is investment advice.