April 21, 2022 11:11
LG Household and Health Care has acquired a 65 percent stake in U.S. beauty brand The Crème Shop for US$120 million, a spokesman said Wednesday.
LG has a call option to buy the remaining stake in five years' time.
This is the second biggest takeover deal LG has struck since it acquired the Asia and North America business divisions of German beauty brand Physiogel for W192.3 billion in May 2020 (US$1=W1,235).
The Crème Shop is a cheap-and-cheerful brand popular among American teenagers and 20-somethings and was founded by a Korean American. It sells basic and color makeup and beauty accessories with designs like Hello Kitty and Disney characters.
It sold some W50 billion worth of products in the U.S. alone last year. Across America its products are sold through cosmetics chain Ulta Beauty, the drugstore chain CVS, and Walmart as well as its own website.
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