Beiersdorf tackles K beauty: acquires stake in tech startup Lycl
The deal, which terms were not disclosed, aims to strengthen the positioning of the German cosmetics company in Asia.
Korean beauty continues to conquer the cosmetics giants. The German group Beiersdorf has acquired a “significant stake” of the Korean cosmetics company Lycl, based in Seoul. The deal, which terms were not disclosed, aims to increase Beiersdorf’s presence in South Korea and Asia.
“The decision was made based on the belief that the Korean ecosystem is a frontrunner regarding beauty and tech trends,” stated Endrik Hasemann, general manager of Beiersdorf South Korea in a statement.
Beiersdorf ended the first nine months of its fiscal year with a 2.4% increase, to 5.7 billion euros. Africa, Asia and Australia were the regions with the stronger performance, that led the growth of the group, with a rise of 10.6%.
Lycl was founded in 2013 and merges three business models: unpa.me, a review and content platform for K-beauty products; palett.me, an influencer network platform, and unpa.Cosmetics, its skin-care brand.
It is not the first time that an international group is seduced by Korean cosmetics. Last November, the company American Estée Lauder acquired the startup Have&Be, valued at 1.7 billion dollars.
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