LG Household & Health Care Acquires Physiogel Asia and North America Business Rights for 192 Billion KRW
[Asia Economy Reporter Cha Min-young] LG Household & Health Care announced on the 20th that it has signed a contract to acquire the Asian and North American business rights of PhysioGel, a European derma cosmetics brand, from GlaxoSmithKline (GSK).
The contract amount is 125 million pounds (approximately 192.33625 billion KRW), which corresponds to about 3.6% of the consolidated total assets at the end of 2018.
PhysioGel is a derma cosmetics and personal care brand that originated in Germany and operates in Asia, Europe, and South America. It is especially well recognized in South Korea.
Derma cosmetics is a rapidly growing category worldwide, and LG Household & Health Care has established a leading position in this field, successfully developing the CNP (Cha & Park Cosmetics) brand, acquired in 2014, into a mega brand with annual sales exceeding 100 billion KRW in 2019.
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Building on its previous success, LG Household & Health Care plans to further strengthen its derma cosmetics and personal care portfolio after acquiring PhysioGel. Utilizing its own research and production capabilities as well as its global network, the company aims to develop PhysioGel into a leading global derma brand.
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