LG Household & Health Care Acquires US Cosmetics Company 'The Creme Shop' Targeting MZ Generation

by Jeon Jinyoung

Published 20 Apr.2022 17:41(KST)

Products sold at The Crem Shop, acquired by LG Household & Health Care.

[Asia Economy Reporter Jeon Jinyoung] LG Household & Health Care announced on the 20th that it has signed a contract to acquire a 65.0% stake in the U.S. cosmetics company ‘The Cr?me Shop’ for $120 million (approximately 148.5 billion KRW).

LG Household & Health Care stated that the purpose of this acquisition is to “strengthen competitiveness in the North American cosmetics business.”

The Cr?me Shop was founded in 2012 by a Korean-American and sells cosmetics and accessories targeting the U.S. MZ generation (Millennials + Generation Z). Since the founder is of Korean descent, the company has collaborated with characters such as BT21 and established itself as a ‘K-Beauty’ brand locally.

LG Household & Health Care introduced The Cr?me Shop as a company that “has secured a differentiated product portfolio based on a deep understanding of local customers, has launched witty and trendy products through collaborations with various characters, and has actively conducted SNS marketing.”

With this acquisition, LG Household & Health Care plans to nurture its business in the Americas by reflecting the growing interest in K-Beauty in the U.S. and leveraging local marketing capabilities.