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LG Household & Health revealed earlier this week that it will acquire a 56% stake in Boinca, a US-based company that owns Arctic Fox, a high-end hair care brand. It was reported that the deal for the purchase is worth $100 million.
LG Household & Health Care is buying to gain a controlling stake in Boinca and increase its presence in North America. This is clearly a strategic acquisition to grow its sales through expanding its business in overseas regions.
Boinca Inc.’s Arctic Fox is said to be a vegan concept brand that was first established in 2014 in Gardena, California. It mostly relies on social media for the digital marketing of its fashion hair dye product line. It has over two million followers on Facebook, Instagram, and TikTok and has topped major e-commerce platforms such as Amazon, Sally’s Beauty, and Ultra Beauty.
The products are popular among the younger MZ generation of customers and partly, this is due to the fact that it is cruelty-free which means that the company is against testing on animals. Its sales keep growing with a reported annual average of 89% in the last three years.
“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.”
This is LG Household & Health Care’s latest acquisition deal as in 2019, it also purchased a 100% stake in New Avon, a beauty firm that is also based in the United States. With this, the company said the brand brought in 6.7 percent of its total sales last year in North America while China contributed 16.5% of the total.
In any case, Pulse News reported that LG Household & Health Care submitted the regulatory filing on Tuesday, Aug. 31. Its acquisition of a stake in Boinca Inc. is expected to further strengthen its competitiveness in the premium hair care product market.
