SEOUL, Sept. 1 (Korea Bizwire) — South Korean cosmetic giant Amorepacific Corp. said Thursday it has reached an agreement with Tata’s Natural Alchemy LLC of the U.S. to fully acquire the American luxury skincare company.
Amorepacific said it has reached the deal to acquire 100 percent of shares of the U.S. company, which operates the Tata Harper skin product brand, founded in 2010.
The South Korean company said it has raised 168.1 billion won (US$124 million) through the issuance of new shares to finance the deal.
Tata Harper is well known for its use of naturally sourced ingredients. Its products are sold at more than 800 retail stores, including Sephora and Neiman Marcus.
Amorepacific plans to leverage the acquisition to strengthen its North American operations. It plans to expand product categories from joint research projects with Tata’s Natural Alchemy to bolster its competitiveness.
The South Korean beauty giant has strengthened its North American operations as of late amid an increase in popularity of its products in the region.
The company’s North American sales during the second quarter saw a 66 percent on-year growth thanks to the popularity of its Laneige and Sulwhasoo brands.