Goldman Sachs Group Inc (GS.N) and Bain Capital Private Equity will acquire a majority stake in unlisted cosmetics maker Carver Korea Co Ltd, seeking to tap into the growing popularity of South Korean beauty products in markets such as China.

The companies said in a joint release that Carver Korea founder and Chairman Lee Sang-rok, who held a 60.2 percent stake in the firm at end-2015, will retain a minority stake and “participate in day-to-day management”.

Details, including the price and specific stakes the foreign buyers are getting, were not disclosed. But a person familiar with the matter told Reuters that Goldman and Bain together are paying more than 350 billion won ($307.45 million) to get majority ownership of Carver.

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