LG Household & Healthcare in South Korea eyes global cosmetics giant Elizabeth Arden
April 24, 2014, 12:00 am TWN
SEOUL--South Korea's LG Household & Healthcare said Wednesday it was considering a purchase of global cosmetics giant Elizabeth Arden.
"We are considering acquiring two or three big cosmetics firms, including Elizabeth Arden," the company spokeswoman told AFP.
"But nothing has been decided yet," she said without elaborating further.
LG Household & Healthcare — an affiliate of South Korean conglomerate LG Group — has business portfolios including cosmetics, drinks and household items such as toothpastes and detergents.
Among the Seoul-based company's lucrative stable are popular brands including The Face Shop and Innisfree.
Its sales nearly doubled to 4.3 trillion won (US$4.1 billion) in 2013 from US$2.2 trillion won in 2009, while net profit grew to 365.7 billion won from 158 billion won.
Share in LG Household & Healthcare rose 3.13 percent on the Seoul stock market on Wednesday.
Elizabeth Arden — founded in the U.S. in 1910 — posted sales of US$1.3 billion and net profit of US$40.7 million for the fiscal year that ended in June 2013.
The Nasdaq-listed firm is best known for its fragrance lines that account for nearly 80 percent of total sales.