THE WHAT? South Korean fashion brand Handsome has acquired a majority stake in K-beauty cosmeceutical brand Cleangen for KRW10 billion, according to a report published by Aju Daily.
THE DETAILS The Hyundai-owned label will own 51 percent of the company at the deal’s close and is planning to use its distribution heft to grow the brand, starting with its existing skin care line before branching out into color and fragrance.
Cleangen Cosmeceuticals is known for its functional cosmetics, and specialises in lightening and anti-ageing preparations.
THE WHY? Handsome is hoping to diversify its fashion-oriented business to secure new growth engines, Aju Daily claims.