Unilever To Buy Skincare Company Carver Korea For EUR 2.27 Bln

This is not the first time Unilever has struck a deal in the beauty business - in 2015 alone, it bought four high-end skin-care brands.

Buying Carver will help Unilever gain ground in the Korean beauty market, where hair and beauty trends often influence ones further west, the Journal noted.

Unilever said the range includes the product Eye Cream for Face, along with essences, toners, moisturisers, masks and sunscreens. "It will significantly strengthen our position in North Asia, the largest skin care market in the world".

"The company has also been working to fend off an increasingly sophisticated array of local competitors that market through channels such as Instagram and YouTube and often sell directly to customers over the web". The division collected €20.2 billion in revenue previous year, or about 38 percent of the conglomerate's overall sales.

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.

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There are, no doubt, a few investment bankers walking around with their chok-chok glowing this morning.

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 past year to $117 million, from $32 million in 2015, public filings show.

The Anglo-Dutch company announced the deal yesterday, saying Carver was the fastest-growing skincare business in South Korea, through sales of its A.H.C brand.

It was bought by Bain Capital and Goldman Sachs in 2016. Unilever also took over a 35 percent stake from founder Lee Sang-rok. "Unilever is seeking to have new growth engines by acquiring Sir Kensington's, famous for its vegan mayonnaise, in April and organic tea company Pukka in September", said Oh Lina, an analyst at eBest Securities.

And the return sure beats that of an 18-month CD.

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