Unilever has carved out its own slice of the lucrative K-beauty market, announcing that it has agreed to acquire Carver Korea for €2.27 billion from Bain Capital Private Equity and Goldman Sachs.

Carver Korea has become the fastest-growing skin care business in South Korea thanks to its AHC brand, and delivered sales of €321 million and EBIDTA of €137 million in 2016.

“We are delighted to be acquiring Carver Korea. It is an impressive business that is completely aligned to our personal care strategy. It will significantly strengthen our position in North Asia, the largest skin care market in the world; and will complement our existing portfolio, enabling us to offer luxury skin care products at attainable price points. AHC has been strongly gaining popularity thanks to its efficacious, innovative and premium products; and it therefore offers great opportunities for growth,” said Alan Jope, Unilever President Personal Care.