Who Owns MEDIHEAL? The Korean Sheet-Mask Company Behind It, and Why It Is Not Medicube

The mask in the middle: MEDIHEAL Teatree Essential Mask, 10 sheets, from the MEDIHEAL Amazon storeAffiliate link. As an Amazon Associate, EpicKor earns from qualifying purchases at no extra cost to you.

Quick Answer

Are MEDIHEAL and Medicube the same company? No. MEDIHEAL (메디힐) belongs to L&P Cosmetic Co., Ltd. (주식회사 엘앤피코스메틱), an unlisted company based in Gangseo-gu, Seoul. Medicube (메디큐브) belongs to APR Corporation (에이피알), which Kim Byung-hoon (김병훈) founded in 2014. They are two separate Korean companies. We found no shared shareholders between them, and the "Medi-" in both names is a coincidence of marketing. Our APR Corporation deep dive covers the Medicube side.

Who owns MEDIHEAL? L&P Cosmetic, which was incorporated on 20 April 2009 and is run by its founder and CEO Kwon O-seop (권오섭). On paper the picture is less simple than "the founder owns it." The shareholder register in its 2025 audit report, filed on Korea's disclosure system DART on 20 April 2026, puts Park Sun-hee (박선희) at 22.71%. Korean press identify her as Kwon's wife. Kwon O-deok (권오덕), whom press identify as his brother, holds 7.47%. An offshore entity, Lion Crown Investments Limited, holds 6.00% in preferred shares, and the company itself holds 35.23% as treasury shares. Kwon does not appear by name on the list.

Where is MEDIHEAL made? In Korea, by contract manufacturers. L&P owns no mask factory. Its 2025 accounts show ₩132.7 billion of outsourced processing. The Korean label of the Teatree Essential Mask names Korea Kolmar (한국콜마) as manufacturer and L&P as the "responsible seller."

Is it big in Korea? Yes. MEDIHEAL was one of only three brands with more than ₩100 billion in annual sales at Olive Young in 2024. The company says it has shipped more than 3.3 billion masks since 2009.

MEDIHEAL at a Glance

Why People Mix Up MEDIHEAL and Medicube

Both start with "Medi-", both use a clinical look, and both sit side by side on Amazon and at Olive Young. They are still two unrelated businesses, built differently.

If you are buying, the practical point is that the products, formulas and customer service are separate. If you are researching the companies, the useful point is that MEDIHEAL is the older, private, sheet-mask-first business, and its accounts tell a very different story from APR's.

A Second-Generation Cosmetics Family

MEDIHEAL is sometimes described as an overnight sheet-mask success. The family history says otherwise.

Kwon O-seop studied geology at Korea University (bachelor's 1985, master's 1987, according to the university press coverage of the honorary doctorate he received there in 2019). His mother, the late Yoo Im-soon (유임순), founded Wang Saeng Chemical (왕생화학) in 1969. That company is remembered in Korea for making the country's first hair mousse. If you have ever wondered about the small stamp on the N.M.F mask sachet that reads "From Wangsaeng since 1969", that is what it refers to: the brand is claiming its mother's company as its origin.

Kwon's own start was rougher. In a 2017 interview with The Korea Times he described a first company, Kospi Club, that he funded with ₩3 billion of his own money and ₩1 billion from investors, and lost in the 1997–98 Asian financial crisis. A second venture did modestly. L&P, founded in 2009, was his third. Korean press list several earlier cosmetics ventures (네슈라화장품, 코스피클럽, 차밍코리아, 코스라인) across roughly twenty years before MEDIHEAL. The exact count differs between accounts, so we use the one he gave himself.

What worked was a narrow product in a narrow format. MEDIHEAL's early hits were the N.M.F Aquaring ampoule mask, the W.H.P whitening black mask and the Tea Tree Care Solution essential mask. They were cheap enough to buy by the box and sold one sheet at a time in Korean road-shop and drugstore chains. The company says it reached 1 billion masks shipped in October 2017. Press reports put the total at 1.4 billion by 2018 and more than 3 billion by March 2025. Its latest marketing material, reproduced in a May 2026 Korean-language article on its Qoo10 Japan launch, gives 3.3 billion masks shipped in more than 45 countries, 2009–2025, footnoted as "based on L&P Cosmetic shipment records." That is a shipment count, not retail sales, and it is the company's own figure.

Who Owns MEDIHEAL?

The audit report answers this better than any article. L&P Cosmetic's 2025 audit report, prepared by Samil PwC and filed on DART on 20 April 2026, prints the major shareholders in its first note:

Names are given as printed in Hangul in the audit report; romanisation is ours. The family relationships come from Dealsite (21 February 2025), not from the filing.

Four things are worth reading out of that table.

The family is the largest bloc, but not through Kwon's own name. The two named family holders together hold just over 30%. Kwon O-seop himself is not listed. Holdings below the "major shareholder" line are lumped into "others", so we cannot say whether he holds a smaller direct stake.

The company owns more of itself than anyone else does. Treasury shares, which carry no vote while the company holds them, are 35.23%. That pile grew in 2024, when L&P spent ₩32.1 billion to buy back 71,010 shares. Over the same year two things changed on the register. A shareholder called CDIB Mask Investment Limited, which held 3.49% at the end of 2023, disappeared from the list. Park Sun-hee's and Kwon Ik-hyun's holdings fell. The filing does not say who sold to the company. CDIB Capital, the Taiwanese investor, bought into L&P in 2017 (Cosmetics Design Asia, 31 May 2017). We could not confirm from a document that the 2024 buyback was its exit.

One outside investor remains, and we cannot name who is behind it. Lion Crown Investments Limited holds 42,516 convertible preferred shares. Under the audit report's terms, these become ordinary shares automatically on the day L&P lists, and they carry a 5% preferred dividend. In October 2018 Hankyung reported that Credit Suisse had agreed to buy about ₩40 billion of existing L&P shares, valuing the company at around ₩1.2 trillion for a stake of about 3%. It was the bank's first direct investment of its own money in Korea. Lion Crown is often assumed to be that investment. But Credit Suisse bought existing shares, and Lion Crown holds preferred shares, so the two do not obviously match. No public document we found links them.

For scale only: the 2024 buyback averaged about ₩452,000 per share. Multiplied across all 708,646 shares, that would come to roughly ₩320 billion. This is EpicKor's arithmetic, not a valuation. A buyback from an exiting minority holder is not a market price. But it is a long way below the ₩1.2 trillion of 2018, and it tells you the China-boom valuation is not where this company is priced today.

Where Is MEDIHEAL Made?

In Korea, by contract manufacturers — one of them partly owned by L&P.

• The label. Korean law requires every cosmetic to name its manufacturer and its responsible seller. The Korean listing for the MEDIHEAL Teatree Essential Mask (5 sheets), read on 7 October 2026 at Oasis Market (that listing's ingredient list may predate the 2025 packaging renewal), gives "화장품제조업자 – 한국콜마㈜ / 화장품책임판매업자 – 엘앤피코스메틱㈜": Korea Kolmar as manufacturer, L&P as responsible seller, made in the Republic of Korea. Kolmar is one of Korea's largest cosmetics contract manufacturers.
• The accounts. L&P's 2025 income statement has ₩132.7 billion of outsourced processing costs (외주가공비), up from ₩101.7 billion in 2024. Its land and buildings are offices and investment property, not a production line.
• The related-party manufacturer. L&P owns 29.07% of LS Cosmetic (엘에스화장품), which the audit report describes as a cosmetics manufacturer. L&P paid it ₩61.5 billion in outsourced processing in 2025, against ₩24.7 billion in 2024. That is close to half of all L&P's outsourced manufacturing last year. Medical Today reported in May 2026 that Kwon's eldest son, Kwon Hyuk-je (권혁제), is an inside director of LS Cosmetic and owned 9.79% of it in 2025, and raised the question of whether this was a succession play. The figures on what L&P paid LS Cosmetic are in the audit report. The son's role is a press report.

So the honest answer is: the Teatree mask we checked is made by Kolmar. A large and fast-growing share of MEDIHEAL's production goes through a manufacturer in which L&P and, according to press, the founder's son hold stakes. And the label of any other individual product may name a different factory. If you are a buyer who needs to know who made a specific SKU, read that SKU's 제조업자 line.

You might like: K-Beauty OEM/ODM in Korea: What Overseas Brands Should Check First

Do Koreans Actually Use MEDIHEAL?

Yes. For many Koreans, a box of MEDIHEAL masks is as ordinary as toothpaste.

MEDIHEAL sits in the shopping lists in our Olive Young Korea guide, and if you are wondering where a sheet mask goes in a Korean routine, our skincare routine order guide puts it after toner and before moisturiser.

The brand has also widened well beyond sheets. Its US store now sells toner pads, serums, sunscreen and lip care, and the toner pads are the clearest new leg.

The Numbers, From the Audit Reports

L&P is unlisted but large enough to need an external audit. It files two sets of accounts every spring. The separate accounts cover L&P alone, which is essentially MEDIHEAL. The consolidated accounts add subsidiaries; until April 2025 the largest of these was Manyo Factory. We lead with the separate figures because they describe the MEDIHEAL business.

Separate and consolidated audit reports for FY2025 (filed 20 April 2026), FY2024 (filed 22 April 2025) and FY2023 (filed 30 April 2024), Samil PwC, K-IFRS. Growth rates and margins are EpicKor's arithmetic from those figures.

Three things stand out.

Sales are growing fast; profit is not. Company-only revenue nearly doubled in two years. Operating profit peaked at ₩10.4 billion in 2024 and fell to ₩6.9 billion in 2025, a margin of about 2%. The reason is in the cost lines. Advertising rose 71% in one year, to ₩57.3 billion. Commissions, salaries and export costs also rose faster than sales. Inventory almost doubled, from ₩44.9 billion to ₩86.7 billion.

The 2025 profit is a sale, not a business. Net profit of ₩112.6 billion includes a ₩152.8 billion gain on selling subsidiary shares. That is Manyo Factory, and the next section covers it. Strip it out and the MEDIHEAL operation earned very little in 2025.

The consolidated revenue fell for the same reason. Group revenue dropped from ₩388.0 billion to ₩363.1 billion because Manyo was counted only until it was sold on 30 April 2025.

The balance sheet is solid but not cash-rich. At the end of 2025 L&P alone had ₩496.6 billion of assets and ₩332.3 billion of equity. It also had ₩88.0 billion of short-term borrowings. A post-balance-sheet note says ₩43.0 billion of them were extended after year-end, and that L&P plans further borrowing for working capital.

Manyo Factory: Bought for ₩17.5 Billion, Sold for ₩190 Billion

The biggest story in L&P's recent accounts is not a mask at all. It is Manyo Factory (마녀공장), the cleansing-oil brand many Western K-beauty shoppers know as "Manyo."

1. 2018 — buy. L&P bought 70% of Manyo for ₩17.5 billion and made it a subsidiary (Dealsite).
2. June 2023 — list. Manyo listed on KOSDAQ on 8 June 2023 at an offer price of ₩16,000 and doubled on day one.
3. January–May 2024 — sell down. After the lock-up ended, L&P sold about 2.46 million shares in four block deals for about ₩51.4 billion (Sidae Ilbo). L&P's own 2024 audit report shows its stake falling from 66.86% to 51.87%, with a ₩40.7 billion gain on disposal.
4. March–April 2025 — sell control. On 20 March 2025 Manyo disclosed on DART that L&P had agreed to sell all 8,494,598 shares (51.9%) for ₩190 billion, or ₩22,367 a share. The buyer was K-Beauty Holdings LLC (케이뷰티홀딩스 유한회사), a vehicle wholly owned by a private-equity fund, 케이디비케이엘중소중견밸류업제2호사모투자 합자회사 (KDB-KL SME & Mid-cap Value-up Fund No. 2; the English rendering is ours). Korean press identify the manager as KL&Partners. Payment was due and completed on 30 April 2025. L&P booked a ₩123.9 billion consolidated gain.
5. And then reinvest. L&P put ₩70.0 billion back into the buyer: its 2025 audit report lists the K-Beauty Holdings stake at that acquisition cost. Dealsite reported it went in as a subordinated (junior) investor. At year-end the audit report valued the stake at ₩51.8 billion, ₩18.2 billion below cost. That means L&P is still partly exposed to Manyo, now as a junior investor rather than a controlling shareholder.

Add it up and L&P put ₩17.5 billion into Manyo. It took out about ₩241 billion in cash across 2024 and 2025 and put roughly ₩70 billion back in. Those are EpicKor's totals of the press and DART figures above, not company figures. For an outside reader the lesson is simple: L&P has been at least as good at buying and selling brands as at selling masks.

How MEDIHEAL Went Global

MEDIHEAL's overseas story has two acts.

Act one was China. In the mid-2010s, Korean sheet masks were one of the most-bought souvenirs for Chinese tourists, and MEDIHEAL was the leader. Revenue grew from ₩7.5 billion in 2012 to about ₩400 billion in 2016, the peak (The Korea Times; Etoday). The Korea Times reported in 2017 that exports were 55–60% of sales, with China about 70% of exports. Then Korea's 2016–17 dispute with China over the THAAD missile system cut tourist flows. Revenue fell to ₩328.6 billion in 2017, and the IPO the company had been preparing never happened.

Act two is everywhere else. Exports were ₩118.3 billion in 2025, about 37% of L&P's product sales. That is a smaller share than in the China years, but spread far more widely. The brand has sold in Japan, where the N.M.F mask ranked third in the mask category on the review site @cosme in 2018. In July 2020 it signed a ₩54 billion three-year export contract with ALETGAHAT ALOLYA of Saudi Arabia covering the six Gulf states. That deal is still recirculated online with a 2026 date; it was signed in 2020. In the United States, MEDIHEAL runs its own online store and a branded Amazon storefront. The seller of record on Amazon is a company called Hansung Beauty, whose relationship to L&P we could not confirm.

Marketing has run through celebrities: Hyun Bin and missA's Fei in the China years, BTS limited-edition masks from December 2018, and actress Kim Ji-won at the Myeongdong flagship.

What We Could Not Verify, and the Honest Risks

Who is behind Lion Crown Investments. It holds 6% in convertible preferred shares. We found no document linking it to Credit Suisse, to CDIB or to anyone else. Whether Credit Suisse's 2018 stake still exists is also unconfirmed.

Who sold shares to L&P in 2024. The buyback of 71,010 shares is in the audit report; the sellers are not.

Kwon O-seop's direct stake. He is not on the major-shareholder list, and holdings below it are not itemised.

Who manages the fund that bought Manyo. The DART filing names the KDB-KL fund (케이디비케이엘중소중견밸류업제2호사모투자 합자회사). Press name KL&Partners. We did not find a filing naming the fund's general partners.

The "No. 1 for 15 years" and "3.3 billion masks" claims. Both are company figures. The mask count is shipments, not sales.

Olive Young's own label and price. Olive Young's site blocked automated reading on the day we checked, so the manufacturer and price above come from another Korean retailer's legally required label data. The manufacturer may differ between SKUs.

When MEDIHEAL launched as a brand. Sources differ between 2009 and 2012.

The risks:

• Thin operating margins. A 2% operating margin on ₩323 billion of sales leaves little room if advertising keeps rising faster than revenue.
• Related-party manufacturing. Close to half of 2025 outsourced production went to a company that L&P part-owns and in which, according to press, the founder's son holds a stake and sits on the board. The audit report discloses the amounts but not the pricing terms, and Medical Today reports that about 86% of LS Cosmetic's 2025 revenue came from L&P. Arrangements like this are a routine item in due diligence.
• A crowded category. Sheet masks are now made by almost every K-beauty brand, including Torriden and the Goodai Global brands that sit beside MEDIHEAL in Olive Young's top tier.
• An IPO that keeps not happening. The preferred shares are designed around a listing. Without one, the outside investors' exit has to come from buybacks like 2024's.

What Overseas Operators Can Take From This

Read the company, not the prefix. "Medi-" brands are not a family. MEDIHEAL, Medicube and a dozen other medical-sounding K-beauty names belong to unrelated companies with different owners, factories and finances.

A private Korean brand can be read for free. L&P is unlisted, yet its revenue, export split, factory bills, investments and shareholder register are on DART in Korean. Almost none of that was in English before this page.

The label is the fastest diligence. The 제조업자 line told us Kolmar makes the Teatree mask. The related-party note told us how much goes to LS Cosmetic. Together they say more about supply than any brochure.

FAQ About MEDIHEAL

Q: Are MEDIHEAL and Medicube the same company?

A: No. MEDIHEAL belongs to L&P Cosmetic Co., Ltd., an unlisted company founded by Kwon O-seop in 2009. Medicube belongs to APR Corporation, founded by Kim Byung-hoon in 2014. We found no ownership link between them.

Q: Is MEDIHEAL a Korean brand?

A: Yes. L&P Cosmetic was incorporated in Korea on 20 April 2009 and is headquartered in Gangseo-gu, Seoul. The Teatree Essential Mask we checked is labelled as made in the Republic of Korea by Korea Kolmar.

Q: Who owns MEDIHEAL?

A: L&P Cosmetic. Its 2025 audit report lists Park Sun-hee (identified by press as founder Kwon O-seop's wife) at 22.71%, Kwon O-deok (identified as his brother) at 7.47%, Lion Crown Investments at 6.00%, and the company's own treasury shares at 35.23%.

Q: Does MEDIHEAL own Manyo Factory?

A: Not any more. L&P bought control of Manyo in 2018 and sold its whole 51.9% stake to K-Beauty Holdings for ₩190 billion, completed on 30 April 2025. Its audit report shows it reinvested ₩70 billion in the buyer; press report this was as a subordinated investor.

Q: Where are MEDIHEAL masks made?

A: In Korea, by contract manufacturers. The Korean label of the Teatree Essential Mask names Korea Kolmar. L&P also pays a large and growing share of its manufacturing bill to LS Cosmetic, a manufacturer it owns 29.07% of.

Q: How many MEDIHEAL masks have been sold?

A: The company says more than 3.3 billion were shipped in over 45 countries between 2009 and 2025, based on its own shipment records.

Related Reading

• APR Corporation Deep Dive: How Medicube Built a Global Beauty-Tech Flywheel — the other "Medi-" company, and how differently it is built.
• Who Owns Torriden? The Korean Company Behind Dive-In Serum — the brand that joined MEDIHEAL in Olive Young's ₩100bn club.
• COSMAX Deep Dive: The ODM Engine Behind Global K-Beauty — the contract-manufacturing model MEDIHEAL relies on.
• Korean Cosmetics Wholesale Guide: Authorized Distributors and Gray Market Risk — for buyers sourcing Korean masks directly.
• Olive Young Korea Guide: When to Shop, What It Costs, and What to Skip — where most Koreans buy their masks.

Sources

• L&P Cosmetic Co., Ltd., separate and consolidated audit reports for FY2025 (Samil PwC), DART receipt nos. 20260420000464 and 20260420000465, filed 20 April 2026 — revenue, costs, export split, balance sheet, shareholder register, preferred-share terms, related-party transactions, Manyo disposal, K-Beauty Holdings holding
• L&P Cosmetic, audit reports for FY2024, DART 20250422000244 and 20250422000245, filed 22 April 2025; and FY2023, DART 20240430000884, filed 30 April 2024 — 2023 figures, 2023 and 2024 shareholder registers, 2024 buyback, Manyo stake changes
• Manyo Factory, "최대주주 변경을 수반하는 주식양수도 계약 체결", DART 20250320902468, 20 March 2025
• Oasis Market listing, MEDIHEAL Teatree Essential Mask 5 sheets — manufacturer, responsible seller, country of manufacture and price, read 7 October 2026
• Dealsite, on the Manyo sale and L&P's owner family, 21 February 2025; Dealsite, on the K-Beauty Holdings structure, 11 April 2025
• Hankyung, KL&Partners and Manyo, 3 January 2025; Hankyung Market Insight, Credit Suisse invests ₩40bn in L&P, 22 October 2018
• Sidae Ilbo, L&P's ₩51.3bn Manyo block deals, 21 June 2024; Ajunews, Manyo's KOSDAQ debut, 8 June 2023
• Medical Today, on L&P's related-party transactions with LS Cosmetic, 6 May 2026
• The Korea Times, Kwon O-seop interview, 1 February 2017; Daehak Journal, Korea University honorary doctorate
• Insight, on MEDIHEAL's history and hero masks, 24 December 2018; Insight, ₩54bn GCC export contract, 23 July 2020
• Etoday, L&P revenue history, 7 February 2019; Etoday, APR founder Kim Byung-hoon profile
• Byline Network, CJ Olive Young 2024 brand results, 8 January 2025
• Retail page reproducing MEDIHEAL's 3.3-billion shipment claim, 29 May 2026; Edaily, 3 billion masks, 7 March 2025

Last Updated: 7 October 2026. Financial figures for 2023–2025 come from L&P Cosmetic's audited accounts on DART; growth rates, margins and the buyback and Manyo arithmetic are EpicKor's own calculations. Mask counts and ranking claims are the company's. Family relationships and the Credit Suisse, CDIB, KL&Partners and LS Cosmetic ownership details come from Korean press. EpicKor has no commercial relationship with L&P Cosmetic, APR Corporation or Manyo Factory, and nothing here is investment advice.