Sep 25, 2017

Unilever to buy Carver Korea for €2.27bn

Unilever has bought into the buoyant South Korean skincare market with the €2.27bn acquisition of a majority stake in personal care group Carver Korea. Ian Jope, president of Unilever's personal care division, said the Carver transaction would "Significantly strengthen our position in North Asia, the largest skincare market in the world". Robert Waldschmidt, a consumer industries analyst at Liberum, said Unilever's decision to buy Carver was in line with its strategy of deploying its balance sheet to push further growth, but noted that the deal price - representing about seven times of annual sales - was "Pretty significant". The Carver deal, he noted, "Is not just about South Korea, though. This industry has a strong influence on neighbouring countries such as China and Japan, so I'm sure Unilever plans to leverage this into their Chinese business, for example". Carver is South Korea's third-largest cosmetics company after AmorePacific and LG Household & Healthcare.

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