Korean personal care giant LG Household and Health Care will take a controlling stake in The Crème Shop in a 148.5 billion won ($120 million) deal.

WHO: The Crème Shop was founded by two Korean Americans, Theresa and Lawrence Kim, to cater to young Americans interested in K-Beauty culture. The business began as a contract manufacturer in South Korea over 45 years ago, opening a North American headquarters in Los Angeles in 1988. The brand has been known for crafting high-quality products at an approachable price point with whimsical artwork and a tongue-in-cheek sense of humor.

WHY: The deal comes at a time when LG is focused on cutting its heavy reliance on China and its flagship brand Whoo. LG H&H plans to develop its North American business by utilizing The Crème Shop's local marketing and sales capabilities.

DETAILS:

• LG Household and Health Care will take a controlling stake of 65% of The Crème Shop for 148.5 billion won ($120 million) in an all-cash deal, with an option to purchase the remaining share in five years. 
• According to Pulse News, The Crème Shop has experienced average sales growth in the US of 30% year-on-year over the past three years.
• The Crème Shop will join LG Household's portfolio of more than 20 beauty brands, including The History of Whoo, Nature Collection, and The Face Shop.