SEOUL– LG Household & Health Care Ltd. said Wednesday it has signed a deal to acquire U.S. cosmetics firm The Creme Shop to expand its presence in the U.S. market.
LG Household will acquire a 65 percent stake in The Creme Shop for 148.5 billion won (US$120 million) on May 31, with a call option to take over the remaining 35 percent stake five years later, the company said in a statement.
The Creme Shop, established by a Korean-American in 2012, sells cosmetics and beauty products to customers aged from their late teens to their 30s.
Source: Yonhap News Agency