Unilever To Buy Skincare Company Carver Korea For EUR 2.27 Bln

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Unilever To Buy Skincare Company Carver Korea For EUR 2.27 Bln

It means that amid the tension of THAAD, domestic beauty brands have taken a direct hit, and beauty brands with technical know-how and specialty products are becoming case studies and showing off their potential.

"Unilever continues to build a portfolio of niche brands in premium beauty to capture opportunities in high-margin dynamic categories", said Ildiko Szalai, an analyst at Euromonitor International.

Unilever announced in a statement today that it had agreed to acquire skincare business Carver Korea for €2.27 billion, from Bain Capital Private Equity and Goldman Sachs.

Carver Korea, Bain Capital and Goldman Sachs were not available for immediate comment. "The company's origins are as a professional products supplier for beauty salons", reports David Salazar for Drug Store News.

Unilever said it was drawn to Carver's fast-growing AHC line of skin products.

According to Alan Jope, Unilever president personal care, North Asia is the largest skincare market worldwide and Carver Korea will "significantly" strengthen its position in the region.

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

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 made its formal move on Carver Korea yesterday for a business that was founded back in 1999 and which has shown impressive growth over the last five years, delivering sales of €321m ($379m) and EBITDA of €137m ($162m) in 2016. "That would have valued the whole company at $833 million, less than a third of what Unilever is paying, but Carver's net profit almost quadrupled a year ago to $117 million, from $32 million in 2015, public filings show", they write. "Unilever is a strong partner to help the company in its next phase of growth and development".

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