Dreamcos Turns General Brands Profitable After 2025 Acquisition

Dreamcos said General Brands, the company behind DUFT&DOFT, posted an operating profit in the first half of 2026 after the cosmetics incubator completed its acquisition in 2025. The turnaround comes after losses narrowed from KRW 3.4 billion in 2023 to KRW 400 million in 2025 as Dreamcos expanded the brand’s retail footprint in South Korea and pushed for overseas growth.

Why it matters: - Dreamcos is showing that its brand incubation model can turn around a loss-making consumer brand and support expansion at the same time. - General Brands’ profit in the first half of 2026 marks a shift from years of operating losses and gives Dreamcos a proof point for future portfolio investments. - DUFT&DOFT’s wider retail presence in South Korea also strengthens the brand’s position before further international expansion.

What happened: - Dreamcos said General Brands, the owner of personal care brand DUFT&DOFT, posted an operating profit in the first half of 2026. - Dreamcos began investing in General Brands in April 2025 and completed the acquisition later that year. - The acquisition was Dreamcos’ second brand incubation investment after its 2023 investment in Corporation Celebritykorea. - Dreamcos said the General Brands turnaround followed investment and business restructuring after the acquisition.

The details: - General Brands recorded operating losses of KRW 3.4 billion in 2023 and KRW 2.5 billion in 2024. - The operating loss narrowed to KRW 400 million in 2025, about 88% lower than 2023. - Dreamcos works with portfolio companies on product planning, development, distribution strategy and international expansion while keeping each brand’s identity intact. - DUFT&DOFT is now sold at duty-free stores at Incheon, Cheongju and Gimhae international airports. - The brand is also available in Myeongdong, a major shopping district in Seoul popular with international visitors. - DUFT&DOFT distributes through pharmacies and retail partners including MUSINSA, OFF BEAUTY, ARTBOX, Costco Korea and Lotte Department Store. - Lotte Department Store carries the brand in a ground-floor premium cosmetics section. - Dreamcos said airport duty-free and tourist districts reach travelers, while online and lifestyle retailers broaden domestic reach and department store placement supports premium positioning. - Dreamcos supports international business through overseas subsidiaries and partner networks in China, Hong Kong and Vietnam. - Dreamcos has distribution agreements for DUFT&DOFT in physical retail channels in China, Taiwan, Thailand and Vietnam. - A dedicated platform team manages online storefronts and marketing in those markets, including operations on Tmall.

Between the lines: - The turnaround suggests Dreamcos is using channel strategy, not just cost cuts, to rebuild brand performance. - The retail mix points to a dual strategy: capture tourist demand in Korea while building export channels in Asia. - The company is framing General Brands as a template for future incubation deals.

What's next: - Dreamcos plans to accelerate DUFT&DOFT expansion in Greater China, Southeast Asia, Russia and other Commonwealth of Independent States markets. - Dreamcos also plans to keep adding South Korean independent beauty brands to its incubation portfolio. - The company expects to apply the same incubation approach to future portfolio companies, according to CEO Kang Ho-min.

The bottom line: - Dreamcos turned a 2025 acquisition into a first-half-2026 profit and is now using DUFT&DOFT’s stronger retail footprint as a launchpad for wider international growth.