Consumer goods giant Unilever announced that it has completed its acquisition of cosmetics company Carver Korea.
The €2.27 billion deal was first announced in September, as Unilever aims to gain a stronger foothold in the world's fourth-largest skincare market.
Carver Korea is the manufacturer of AHC skincare products, and reported sales of €321 million last year.
"It is an impressive business that is completely aligned to our personal care strategy," said Alan Jope, Unilever personal care president.
"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."
Strategic Deals
Many of Unliever's recent acquisitions have related to its food unit, including Brazilian organic food business Mãe Terra, tea company Pukka Herbs and Sir Kensington condiments.
However, this deal shows that it is also focused on its personal care business.
Last month, the consumer goods company, which manufactures brands such as Ben & Jerry's ice cream and Dove soap, reported third-quarter sales that fell short of estimates, with revenue growth slowing to 2.6%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
