(MENAFN) LG Household & Healthcare Ltd., a South Korea cosmetics and household products maker, said Tuesday its Japanese affiliate will purchase a Japanese cosmetics firm for 10.5 billion yen to expand its overseas business amid record-high earnings.
According to the Korean firm, Ginza Stefany Inc., based in Japan and fully owned by LG Household & Healthcare, has decided to buy a 100 percent stake of Avon Products Co.
Avon Products has 50 years of experience in the cosmetics market in Japan, with sales reaching 100 billion won for the fiscal year 2017.
The company said: "Based on Avon brands' credibility in Japan and its five decades of relationships with local companies, LG Household & Healthcare would like to overcome possible obstacles in expanding business in the country."
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