Unilever has announced the acquisition of the personal care business Carver Korea in a deal worth 2.27 billion euros (1.99 billion pounds).

Founded in 1999, the business has become the fastest-growing skincare firm in South Korea, thanks largely to sales of the AHC brand, which is focused on the age management and hydration/nourishment markets.

“Unilever has agreed a deal to purchase Carver Korea, a leading skincare business in North Asia.“

This range includes the leading product Eye Cream for Face, along with essences, toners, moisturisers, masks and sun protection. Carver has shown exponential growth over the last five years, delivering sales of 321 million euros in 2016.

Unilever expects that the acquisition will strengthen its expertise in the high-value Asian beauty market, with South Korea having become the fourth largest skincare market in the world.

Alan Jope, Unilever's president for personal care, said: "It will significantly strengthen our position in North Asia, the largest skincare market in the world, and will complement our existing portfolio, enabling us to offer luxury skincare products at attainable price points."

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