LOS ANGELES, April 21, 2022 (GLOBE NEWSWIRE) -- LG H&H, an affiliate of one of South Korea’s largest conglomerates LG Group, announced its majority stake acquisition of Los Angeles-based beauty brand The Crème Shop. Founded by South Korean immigrants Christina and Lawrence Kim, The Crème Shop is known for its whimsical and vibrant skincare, makeup, and beauty accessories that appeal to a diverse group of consumers and possess a strong following among Gen Z and Millennials due to their economic prices, high quality, and ethos. Experiencing massive growth in the past few years despite challenges caused by the COVID19 pandemic and global supply chain issues, The Crème Shop has a multi-channel distribution model that includes mass retail via partners like Ulta, CVS, Macy’s, and Urban Outfitters. Their successful collaborations with Hello Kitty, BT21, and Disney have placed them as a fan-favorite in the competitive landscape.
In 2021, LG H&H reported record high annual sales and was the #1 Beauty & Personal Care company in South Korea. By claiming a majority stake in The Crème Shop, LG H&H plans to further expand in the beauty and personal care industry and solidify its presence in the North American market while growing The Crème Shop into a global brand. The buy-out was subject to standard regulatory approvals.
The Crème Shop and LG H&H share a common long-term goal: to not only make Korean beauty and innovation readily accessible to the rest of the world, but to spotlight Korea’s rich culture.
Palm Tree LLC was the exclusive financial advisor and Russ August & Kabat was legal counsel to The Crème Shop on this transaction.
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