LG Household & Healthcare Co. acquired a 56% stake in American haircare product producer Boinca for $100 million.
WHO: Boinca is a California-based haircare producer that launched the vegan, cruelty-free, semi-permanent hair shade dye model Arctic Fox in 2014. The model has over two million social media followers and has topped main e-commerce platforms equivalent to Amazon, Sally”s Beauty, and Ulta Beauty.
WHY: The buy is meant to spice up LG’s abroad haircare enterprise and strengthen its competitiveness in the premium haircare product market.
IN THEIR OWN WORDS: “The international haircare market is estimated to be round ₩90 trillion,” Korea Joongang Daily quoted LG Household & Health Care as saying in an announcement. “In the market, high-end hair care merchandise account for about 20% and Arctic Fox’s model recognition in the U.S. may assist LG’s family and well being care arm to enter the premium hair care market.”
LG Household & Healthcare Co. acquired a 56% stake in Boinca Inc. for $100 million.
Boinca’s Arctic Fox vegan idea has reported annual progress of 89% over the past three years.
LG Household & Health Care acquired a 100% stake in New Avon, additionally primarily based in the United States, in 2019.