Saturday, 21 September, 2019
  • Global Media
  • Unilever steps up beauty push with $2.7 billion Carver Korea deal

Unilever steps up beauty push with $2.7 billion Carver Korea deal

Unilever enters K-beauty market with acquisition of Carver Korea for €2.27 billion AHC Carver Korea
Christy Curtis | 26 September, 2017, 01:07

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

In a move aimed at consolidating its position in the skincare market, Unilever announced today that it will be buying a South Korean cosmetics firm "Carver Korea" for £1.9bn from shareholders including Goldman Sachs and Bain Capital.

Founded in 1999, Carver Korea is known for its signature brand AHC under which it makes products for age management, hydration and nourishment. Based on that figure, Unilever paid 16.6 times EBITDA, in line with home and personal care deals over the past decade. "It will significantly strengthen our position in North Asia, the largest skincare market in the world; and will complement our existing portfolio, enabling us to offer luxury skincare products at attainable price points", said Alan Jope, president of Unilever's Personal Care business, in a statement. The company also saw its sales jump 174 percent on-year from 156.5 billion won in 2015 to 429.5 billion won last year.

The company had already been trying to become more reliant on bath, body and beauty products, which tend to have higher growth and margins than food. Bain Capital agreed to invest about $816 million in beauty-products maker Hugel Inc.in April, after Goldman and Bain bought a majority stake in Carver previous year.

Founded in 1999, Carver, which produces moisturisers, face masks and sun creams, was bought by Goldman Sachs and Bain Capital a year ago, when it reported revenues of €321m, nearly three times as high as in the previous 12 months. The FTSE 100 group further notes that South Korea is the fourth-largest skincare market in the world, as well as a source of global beauty trends, with the term "K-Beauty" becoming a globally-used shorthand for sophisticated skincare that is widely exported. It sells essences, toners, moisturizers, masks, and sun protection.

"Unilever is a strong partner to help the company in its next phase of growth and development".

2 magnitude earthquake rocks Mexico
Tropical Storm Lee forms in the Atlantic, joining Hurricane Jose

Recommended

Tropical Storm Lee forms in the Atlantic, joining Hurricane Jose Tropical Storm Lee forms in the Atlantic, joining Hurricane Jose Officials in the Dominican Republic urged people to leave areas prone to flooding and said fishermen should remain in port. That area was hit two weeks ago by Tropical Storm Lidia, which flooded streets and homes and killed at least four people.

North Korea: President Trump's statements are a 'declaration of war' North Korea: President Trump's statements are a 'declaration of war' The North Korean Foreign Minister had addressed the UNGA session on Saturday. Ri made the comments to reporters in NY .

2 magnitude quake rocks Mexico 2 magnitude quake rocks Mexico Throughout the region, buses carried volunteers from Mexico and beyond to disaster sites, where they bolstered search efforts. A thermal scanner on Saturday had suggested that two people might still be alive under the debris.

The Panthers Take on a Dangerous Saints Team The Saints quarterback focused in on wide receiver Michael Thomas , who had five receptions for 50 yards and the touchdown catch. Drew Brees racked up good passing numbers with 356 yards and two scores, but much of it came when the team was well behind.

Multiple Browns players take a knee ahead of game against the Colts Multiple Browns players take a knee ahead of game against the Colts The Colts played much better against the Arizona Cardinals this past Sunday, but they still couldn't walk away with a win at home. Brissett's second rushing touchdown of the game gave the Colts a 14-7 lead over the Browns with 10:06 to play in the first half.

U.S. bombers fly off east coast of North Korea: Pentagon U.S. bombers fly off east coast of North Korea: Pentagon US Air Force bombers and fighter jets have flown off North Korea's coast in what the Pentagon has called a "clear message". The agenda includes meetings with the former Secretary-General of the United Nations and the Foreign Minister of Japan.

IFixit's Apple iPhone 8 Teardown Reveals Smaller Battery, 2GB RAM IFixit's Apple iPhone 8 Teardown Reveals Smaller Battery, 2GB RAM The objective of the chip remains unclear, and at this point is probably the only thing that we still don't know about the iPhone 8.

Man City 5-0 Crystal Palace: Manchester City Trounce Crystal Palace Man City 5-0 Crystal Palace: Manchester City Trounce Crystal Palace Christian Benteke suffered ligament damage in Crystal Palace's 5-0 defeat to Manchester City , according to manager Roy Hodgson . Romelu Lukaku scored his sixth Premier League goal of the season to give Manchester United a hard-fought victory at Southampton.

Francia Raisa reveals scars after donating kidney to Selena Gomez Francia Raisa reveals scars after donating kidney to Selena Gomez The best friend who donated her kidney to help treat Selena Gomez's lupus revealed her scars in an Instagram post on Friday. In the post, Raisa is seen wearing only a sports bra and workout trousers , which reveals her midriff and her post-op scars.

President Trump Wants a 4th of July Military Parade President Trump Wants a 4th of July Military Parade Fast-forward to Monday , when Trump met with Macron in NY , and Trump was still admiring that French military parade . We must act for peace in Syria". " We want to strike a blow and block Macron ", France Unbowed's Eric Coquerel said.

New 6.1-magnitude quake shakes Mexico New 6.1-magnitude quake shakes Mexico More than 300 people have been reported killed in Tuesday's quake; almost 100 reportedly died in the September 8 temblor. Civil Defense chief Luis Felipe Puente sent out a tweet on Saturday saying 167 of those deaths were in Mexico City .

North Korea: Tremor detected in north east North Korea: Tremor detected in north east Ri reportedly added that "We have no idea about what actions could be taken as it will be ordered by leader Kim Jong Un". There have been so many rounds of sanctions against North Korea that it can be hard to keep track.

Stoke boss Hughes: Chelsea struggling to manage their dark arts Stoke boss Hughes: Chelsea struggling to manage their dark arts That will no doubt give the club a massive boost and is a relief for all fans who were initially anxious for the player. Manchester City , with 11 goals in their past two Premier League games host bottom side Crystal Palace at the Etihad.

Watford striker Richarlison prolongs Swansea City's home blues Watford striker Richarlison prolongs Swansea City's home blues Brazilian forward Richarlison struck a 90th-minute victor as Watford won 2-1 at Swansea City to record three successive away wins in the English top flight for the first time.

Video Show Police Officer Involved in Fatally Shot Man in Huntington Beach Video Show Police Officer Involved in Fatally Shot Man in Huntington Beach However, he has been placed on an administrative leave till the investigation is going on, the Orange County Register reported. Heal pointed out that the officer involved might have heard something threatening from the man or about the man.