Unilever PLC has entered into an agreement to buy Carver Korea, a Seoul-based maker of toners and moisturizers, for US$2.7 billion.
The Anglo-Dutch consumer products giant is acquiring the Korean skin-care business from Bain Capital Private Equity and Goldman Sachs, the Wall Street Journal reports.
Carver sells age-management, skin-hydration and skin-nourishment products under the brand AHC. It sells its products in Korea, China and the US.
In recent years Unilever has raised its exposure to skin products, buying four high-end skin-care brands in 2015 alone, as part of efforts to focus more on higher-margin businesses.
Last year it bought Dollar Shave Club, which gave it men’s skin-care brand Big Cloud and hairstyling brand Boogies.
Buying Carver will help Unilever gain ground in the Korean beauty market, where hair and beauty trends often influence ones further west, the Journal noted.
South Korea is the world’s fourth largest market for skin care, according to Unilever.
Carver, which started out in 1999 selling products to beauty salons, reported sales of about US$384 million in 2016.
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