Why global giants’ K-beauty acquisitions struggled, and Dr. Jart+ may be sold back
An analysis piece says a string of once-celebrated K-beauty acquisitions by global groups has underdelivered.
Deals mentioned
- Unilever → AHC (Carver Korea): €2.27B (about $2.7B) in 2017, a landmark deal at the time
- Estée Lauder → Dr. Jart+
- L'Oréal, and Puig → 3CE and Dr.G are also named
What went wrong (per the article)
- Weak Chinese demand: the China sales that justified many deals faded
- Rigid multinational practices: a poor fit for brands whose edge was fast launches and fast marketing
And a twist: The Founders, the company behind Anua, is exploring buying Dr. Jart+, which Estée Lauder has put up for sale. A Korean indie-born company could end up buying back a Korean brand from a global giant.
A question to chew on Can a K-beauty brand keep its speed and culture inside a big group? If you know acquisitions that did work, what was different?
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