Aju Business Daily

SEOUL -- In an effort to expand its presence abroad, LG Household & Health Care, a major South Korean consumer goods company in South Korea, acquired New Avon LLC, an American beauty product company.

LG Household said Thursday it has purchased a 100 percent stake in New Avon for $120 million. The American company offers skincare, color cosmetics, fragrance and personal care products in the United States, Puerto Rico, and Canada.

In 2016, Avon separated its North American operation from its overseas business and sold it to Cerberus, a private equity fund. Since then, the North American business has changed its name to New Avon and the overseas business except for North America to Avon Products.

LG Household said it would use infrastructure in North America as a bridgehead for entering the U.S. market. "We will upgrade the product line of Avon's brand to develop our business." LG Household has made a successful turnaround through strategic mergers and acquisitions. It is expanding its cosmetics and personal care business into the global market.