LG Household & Healthcare Co. acquired a 56% stake in American haircare product manufacturer Boinca for $100 million.
WHO: Boinca is a California-based haircare manufacturer that launched the vegan, cruelty-free, semi-permanent hair color dye brand Arctic Fox in 2014. The brand has over two million social media followers and has topped major e-commerce platforms such as Amazon, Sally's Beauty, and Ulta Beauty.
WHY: The purchase is intended to boost LG's overseas haircare business and strengthen its competitiveness in the premium haircare product market.
IN THEIR OWN WORDS: "The global haircare market is estimated to be around ₩90 trillion," Korea Joongang Daily quoted LG Household & Health Care as saying in a statement. "In the market, high-end hair care products account for about 20% and Arctic Fox's brand recognition in the U.S. could help LG's household and health care arm to enter the premium hair care market."
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