Unilever Again Goes For A Cosmetic Fix, Purchasing Carver Korea

Unilever share price: Group to buy Carver Korea for €2.27bn

Unilever share price: Group to buy Carver Korea for €2.27bn

Bain and Goldman Sachs jointly bought a roughly 60 per cent majority stake in Carver for around $500 million previous year, a source familiar with the matter said on Monday.

Purchasing the firm from Bain Capital Private Equity and Goldman Sachs for €2.27 billion, or about $2.6 billion, the consumer products giant said it believes the company is poised to grow both in the northern Asia region and beyond. "The company's origins are as a professional products supplier for beauty salons", reports David Salazar for Drug Store News.

Carver Korea's AHC brand, pictured here, will be acquired by Unilever.

"We are delighted to be acquiring Carver Korea".

Unilever said the range includes "Eye Cream for Face", along with essences, toners, moisturizers, masks, and sun protection.

In a press release Monday, Unilever said the acquisition will strengthen its position in North Asia, noting that it is the largest skincare market in the world.

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"The company has also been working to fend off an increasingly sophisticated array of local competitors that market through channels such as Instagram and YouTube and often sell directly to customers over the web".

Skincare sales in South Korea will reach $6.3 billion this year, and interest in the Asian country's cosmetics companies has been heating up.

Unilever paid €2.27bn for its stake in Carver, a fast-growing skincare business which reported a threefold increase in revenues past year to €321m.

Unilever notes that the acquisition is all the more relevant considering South Korea is the fourth largest skincare market in the world and is also a source of global beauty trends, with the term "K-Beauty" becoming a globally-used shorthand for sophisticated skincare that is widely exported.

This is not the first time Unilever has struck a deal in the beauty business - in 2015 alone, it bought four high-end skin-care brands.

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