08.05.11
Amore Pacific Corp. has completed a deal to take over French luxury perfume brand Annick Goutal this week. The deal marked the first overseas merger and acquisition case for Korea's largest cosmetics maker with nearly 40 percent of the domestic market share, according to the company. The overseas holding company Amore Pacific Global Operations Ltd. signed the takeover deal with a U.S. buyout fund Starwood Capital on Tuesday in Paris.
“The takeover will strengthen the company’s status as a global beauty company while diversifying its brand portfolio,” the company said in a statement.
The final bidding price was not disclosed. Annick Goutal, named after a French pianist, is an upscale brand that is popular with U.S. and French consumers, the company said. The company had sales revenue last year of about 20 billion won ($19 million). Currently AmorePacific is focusing on the Asian market. However company officials noted that it has long-term plans to strengthen its market dominance in the US and Europe.
“The takeover will strengthen the company’s status as a global beauty company while diversifying its brand portfolio,” the company said in a statement.
The final bidding price was not disclosed. Annick Goutal, named after a French pianist, is an upscale brand that is popular with U.S. and French consumers, the company said. The company had sales revenue last year of about 20 billion won ($19 million). Currently AmorePacific is focusing on the Asian market. However company officials noted that it has long-term plans to strengthen its market dominance in the US and Europe.
