THE WHAT? LG Household & Healthcare has purchased a majority stake in US-based vegan hair dye manufacturer, Boinca, according to a report published by Pulse News.
THE DETAILS The K-beauty behemoth revealed in a regulatory filing that it has agreed to pay US$100 million for a 56 percent share of the owner of popular hair color brand, Artic Fox.
THE WHY? The vegan, semi-permanent hair dye brand is Amazon’s best-seller in its category and enjoys a strong social media presence. With at-home color sales boosted by the pandemic, LG Household & Healthcare is looking to strengthen its competitiveness in the hair care category, per Pulse News.