LG Household & Health Care Acquires US Premium Haircare Brand 'Boinca'

Arctic Fox flagship product.

[Asia Economy Reporter Seungjin Lee] LG Household & Health Care signed a contract on the 31st to acquire a 56% stake in Boinca, which owns the American high-end fashion haircare brand Arctic Fox, for 100 million dollars (approximately 117 billion KRW).

Arctic Fox is a vegan-concept brand launched in the United States in 2014. Centered on fashion hair dyes, it has garnered strong support from the MZ generation (Millennials + Generation Z) by leveraging digital marketing power through social media platforms such as Instagram, TikTok, and Facebook, with over 2 million followers. Over the past three years, it has maintained an average sales growth rate of 89%.

Based on this demand, Arctic Fox holds a leading position in major channels, ranking first in the entire hair color product category on Amazon USA (as of August 23, 2021), first on Sally Beauty, and second on Ulta Beauty.

The global haircare market was approximately 90 trillion KRW in 2020, with the high-end haircare market estimated to account for about 20% of this. LG Household & Health Care plans to enter the global high-end fashion haircare market by leveraging Arctic Fox’s strong brand recognition in the United States.

Through this acquisition, LG Household & Health Care aims to enter the high-end fashion haircare market with a differentiated brand and expand its business in the global luxury haircare market.

This content was produced with the assistance of AI translation services.