Unilever (ULVR) has agreed to buy a majority stake in cosmetics and skincare business Carver Korea for €2.27bn (£2bn) from Goldman Sachs and private equity firm Bain Capital. The deal is part of the consumer goods giant’s aim to grow its footprint in north Asia, the largest skincare market in the world.
Carver has become the fastest-growing skincare company in South Korea, according to Unilever. It is best known for its AHC line, which focuses on age management and hydration and nutrition products. Sales at Carver in 2016 were €321m, almost triple the previous year, with cash profits of €137m. Unilever reported €12.1bn of turnover in Asia during the first half of this year, with underlying sales growth of 5.5 per cent. That's in contrast to lacklustre growth in its developed markets, where underlying sales marginally declined during the first half.
Earlier this month Unilever bought organic herbal tea business Pukka Herbs for an undisclosed amount. The British brand is said to be the fastest growing organic tea brand in the world, with £30m in revenue and around 30 per cent growth.
