In a search for new markets, Unilever is expanding in the South Korean skincare market via the acquisiton of Carver Korea. Carver makes masks and lotions and is currently owned by Bain Capital and Goldman Sachs. Carver is the country’s third largest cosmetics company and has operations in China and Japan. Naomi Rovnick and Song Jung-a report in the FT:
Paul Polman, Unilever’s chief executive, is looking to boost shareholder returns against lacklustre growth in developed economies, with a focus on new products and emerging markets. The Anglo-Dutch consumer goods group’s latest deal comes after it fended off a $143bn takeover bid from Kraft Heinz earlier this year.
Alan 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”.
Read more here.
Jeremy Jones, CFA
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