SEOUL -- South Korea's top beauty product maker Amore Pacific agreed to acquire Tata Harper, an American luxury skincare brand, for $125 million as part of efforts to accelerate its presence in the U.S. market and elsewhere. Tata Harper creates luxurious and sustainable products that are 100 percent natural.
In a regulatory filing on September 1, Amore Pacific said its U.S. subsidiary, Amorepacific US Investment, would acquire 100 percent of Tata's Natural Alchemy, the operator of Tata Harper, to create a brand that leads the global market beyond North America. Amore Pacific would strengthen Tata Harper's profitability and reorganize its business in North America and Europe.
Through joint research with Tata Harper, the South Korean company promised to increase product competitiveness and expand new categories. "With our R&D and production logistics infrastructure and Tata Harper's differentiated product competitiveness synergy, we will create a brand that leads the global market beyond North America," said Amore Pacific CEO An Se-hong.
Amore has played a key role in boosting exports of South Korean cosmetics products that hit a record high of $9.2 billion in 2021, up 21.3 percent from a year ago. This is the third-largest export performance in the world after France and the United States. Cosmetics products contributed a lot to South Korea's total year-end trade surplus.
Government data showed that the value of cosmetic exports in 2021 was larger than that of home appliances which stood at $8.6 billion. China topped the list of countries that imported South Korean cosmetics products with 61.3 percent. Shipments to the United States, Canada and Japan have seen a gradual increase.
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