The History of Whoo owner is contending to be a beauty global power player as it goes on a M&A shopping spree
LG H&H is boosting its presence in North America with deals, such as majority stake in The Crème Shop
South Korean beauty conglomerate LG Household & Healthcare (LG H&H) has acquired a majority stake in Los Angeles-based cosmetics brand The Crème Shop to boost North American presence.
The personal care subsidiary of tech giant LG Group, LG H&H's portfolio includes Dermalift, SU:M37, The History of Whoo and CNP.
Founded by Christina and Lawrence Kim, South Korean immigrants, in 2012, The Crème Shop is marketed towards Gen Z via its price point and pop culture collaborations, including Disney and Hello Kitty.
"The Crème Shop is known for its whimsical and vibrant skin care, make-up, and beauty accessories that appeal to a diverse group of consumers," said the brand in a statement.
"[The brand] possesses a strong following among Gen Z and millennials due to their economic prices, high quality and ethos."
The US$120m deal aims to boost LG H&H's presence in the US as the multinational faces increasing Covid-19 restrictions in China.
LG H&H acquired US vegan hair care brand Arctic Fox in 2014 and bought a 56% stake in American hair dye specialists Boinca in 2021.
CEO Cha Suk Yong cemented the company's plans for the US business in January.
"To leap forward as a truly global luxury beauty company, we must continue to expand our business in the North American market, which is the world's largest market that creates trends," said Cha.