Fashion

South Korean Personal Care Giant Acquires The Crème Shop in $120 Million Deal

LG Family and Well being Care will take a controlling stake of 65 p.c within the magnificence firm for about 148.5 billion received ($120 million) with an choice to buy the remaining share in 5 years.

US-based Okay-Magnificence participant The Crème Store will be part of LG Family’s portfolio of greater than 20 magnificence manufacturers, together with The Historical past of Whoo, Nature Assortment and The Face Store.

The deal marks a part of what the South Korean firm says is its technique to increase its presence in North America the place curiosity in Okay-pop and Okay-content is burgeoning. The deal follows LG Family’s acquisition of The Avon Firm in 2019.

Based by two Korean Individuals, Theresa and Lawrence Kim, The Crème Store opened in Los Angeles in 1988, catering to younger Individuals keen on Okay-Magnificence tradition.

Based on Pulse Information, The Crème Store has skilled common gross sales progress within the US of 30 p.c year-on-year over the previous three years.

Be taught extra:

Okay-Magnificence’s Golden Age Is Ending. What Comes Subsequent?

Their 10-step routines, snail serums and sheet masks took the world by storm 10 years in the past. Now, Korean magnificence manufacturers are dealing with a fiercely aggressive market and must suppose exterior the field.

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