South Korean Conglomerate Completes Acquisition of Los Angeles Beauty Company
LG H&H Co. Ltd., a South Korean personal care company, acquired the remaining 35% stake in Los Angeles-based beauty products manufacturer The Crème Shop Inc. for $67 million. The acquisition gives LG H&H full ownership of the company. It initially acquired a 65% stake in 2022.
However, a dispute arose regarding the price of the remaining interest in the company which led to arbitration. That resulted in a ruling by the International Chamber of Commerce on May 29 in favor of LG H&H, and the company closed on the remainder of its stake.
The Crème Shop manufactures and distributes makeup, skincare and beauty accessories. The company's products include conditioners, shampoo, face wash, toners, eye treatments, moisturizers and lip balm. It sells its products through the internet. It was founded in 1988.
Information for this article was sourced from LG H&H.
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