Consumer Products & Other
Spayne Lindsay & Co. advises LG Household & Health Care Ltd on the acquisition of New Avon LLC from Cerberus Capital Management, LLP and Avon Products Inc. for US$125m
Spayne Lindsay is delighted to announce that it has advised LG Household & Health Care (“LG H&H”), Korea’s leading consumer goods company on the acquisition of New Avon LLC (“Avon”) for US$125m. Completion is subject to customary regulatory approvals.
LG H&H is Korea’s leading consumer goods company, with strong market positions in all major categories including cosmetics, personal care and home care. It is also Coca-Cola’s bottler in South Korea. South Korea is one of the world’s largest and most innovative beauty markets, with over USD 13.1 billion in sales in 2018. The addition of Avon’s iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout North America will support LG H&H’s international growth plans. Under LG H&H’s ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as the leading social selling beauty company in the region. Avon North America is expected to benefit from LG H&H’s world-class R&D capabilities in cosmetics, personal care, fragrance, packaging and design.
Suk Cha, CEO of LG H&H, commented:
“We recognize Avon North America’s strong brand, leading market position in the region, and talented employees and Representatives. Avon North America’s innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand. We look forward to building on Avon North America’s success to drive customer engagement and long-term growth in this market.”