Unilever’s £2bn beauty buyout

UNILEVER has bought a leading South Korean skincare business for £2bn.

The consumer group, which owns brands including Marmite, Dove and Flora, has agreed to buy Carver Korea from Bain Capital Private Equity and Goldman Sachs.

It is Unilever’s latest move into beauty, after purchasing Murad, Dermalogica and Ren.

The company has been rapidly expanding after fending off a £115bn takeover approach from Kraft Heinz earlier this year.

As well as promising to boost shareholder returns and putting its spreads business up for sale, it snapped up British herbal tea brand Pukka earlier this month.

Now it’s betting on the South Korean beauty market – where customers typically spend twice as much of their income on beauty products compared to US customers.

Alan Jope, Unilever president of personal care, said the acquisition will significantly strengthen its position in North Asia, the largest skincare market in the world.