Urbanika Enters K-Beauty Market with 60 Million NIS Joint Venture with Silicon2
Urbanika, part of Castro-Hoodies, signed a preliminary agreement with South Korea's Silicon2 to launch the Moida K-Beauty brand in Israel with an initial investment of 60 million NIS.
Urbanika, part of the Castro-Hoodies group, is entering the cosmetics sector. It has signed a principles agreement with South Korea's Silicon2 to establish a joint venture in Israel under the Moida K-Beauty brand, focusing on the import, marketing, and sale of Korean skincare and cosmetic products.
Joint Venture Structure and Investment
According to the agreement, the parties will examine the creation of a joint company in which Urbanika will hold 70% of the shares and voting rights, with Silicon2 holding the remaining 30%.
The initial investment in the venture is expected to total approximately 60 million NIS, of which around 42 million NIS will come from Urbanika, in accordance with its stake in the company. Operations are expected to begin during 2027, featuring physical stores alongside an e-commerce website.
"The new network is designed to bring a huge variety of Korean brands under one roof, through a combination of physical stores and online commerce," said Urbanika CEO Mariano Karp.
Expanding K-Beauty Market in Israel
This move comes at a time when the Israeli beauty market is attracting new players and strengthening ties between fashion groups and lifestyle brands. Recently, other major groups have also expanded their portfolios into cosmetics, reflecting growing consumer demand for Korean beauty products, known as K-Beauty.
For the Castro-Hoodies group, this new venture represents another attempt to establish a strong foothold in the beauty sector, this time through Urbanika using a multi-brand model rather than a single-brand franchise.
