Unilever has agreed to buy cosmetics firm Carver Korea for 2.27 billion euros ($2.7 billion), as it expands its beauty and personal care business around the world. Sonia Legg reports
Last year Unilever was heralding a new venture in Cuba. CEO Paul Polman laying the first slab of a new soap and toothpaste factory. This year the Anglo Dutch giant is buying cosmetics firm Carver Korea. There's a deliberate pattern - expansion into beauty and personal care. The food and consumer goods maker will pay $2.7 billion to Bain Capital, Goldman Sachs and the company's founder. The latter pair reportedly bought a near 60 percent stake in Carver last year for around $500 million. Access to Asia's booming market is a key attraction. Carver sells cosmetics in South Korea, China and the U.S. through home shopping tv networks, retail stores and e-commerce. It's currently the fastest growing skincare business in South Korea.