LG Household & Healthcare says considers bid for Elizabeth Arden
Published on Apr 23, 2014 10:21 AM
SEOUL (Reuters) - LG Household & Healthcare said on Wednesday it is considering a bid for United States-based cosmetics company Elizabeth Arden, a move that would boost the South Korean firm's line-up in perfume and add a luxury brand.
Elizabeth Arden, which has a market value of US$845 million (S$1.1 billion), has like other cosmetics firms been hit by a broad slowdown in the North American beauty market that has hurt earnings.
Shares in LG Household, the No. 2 South Korean firm in the domestic market with brands Whoo and O Hui, climbed 3 per cent on the news of the potential bid.
LG Household has expanded its overseas operations in recent years through acquisitions in China and Japan and has said it would consider additional acquisitions to boost its existing operations.
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