Unilever buys Carver Korea for $2.7b

The Anglo-Dutch consumer group acquires the skincare business from Bain Capital and Goldman Sachs, buying into the "hallyu" wave of cultural influence.

Unilever has bought skincare firm Carver Korea from private equity firm Bain Capital and Goldman Sachs for 2.27 billion $2.7 billion, strengthening its hold in North Asia, the largest skincare market in the world.

The “Korean wave” of cultural influence, or hallyu in Korean, is taking Asia by storm, with countries across the region hooked on Seoul's films, soap operas and K-pop music. Meanwhie South Korea is the fourth largest skincare market in the world and is also a source of global beauty trends.

Global cosmetics firms are rushing to get in on the action. Estée Lauder which bought an interest in Have Be, the...

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