Unilever to buy Korean firm for €2.27bn

Unilever agreed to buy a South Korean cosmetics maker for €2.27bn to gain a stronger foothold in the world’s fourth-largest skincare market, betting that the pop-culture-fuelled appeal of the country’s beauty products will outweigh concerns over regional tensions.

Unilever will buy Carver Korea, maker of AHC skincare products, from shareholders including Goldman Sachs and Bain Capital Private Equity, Unilever said. Carver had sales of €321m last year.

For the consumer-goods giant, whose brands include Ben & Jerry’s ice cream and Dove soap, the acquisition marks a shift from other recent purchases in niche areas like organic tea and vegan mayonnaise as chief executive Paul Polman pursues a commitment to sustainability.