[하파크리스틴 매각]② 피피비의 IT 체질 개선은 독인가 득인가

PPV Studios' shift toward BeautyTech through digital transformation is creating a valuation dilemma for private equity investors, as IT infrastructure investments inflate fixed costs rather than clearly improving margins. The platform's J-curve—requiring 2-3 years for profitability visualization while early losses mount—conflicts with PE's typical exit timeline pressures, making this a critical test case for whether manufacturing-based companies can successfully transition to tech business models. The deal's outcome will signal to the investment community whether tech platform premiums justify the operational burden they impose on traditional businesses.