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Amorepacific Corporation, a leading cosmetic company in South Korea, is acquiring the Shoreham, Vermont-headquartered Tata Harper luxury brand. The company announced the deal on Thursday, Sept. 1.
As per Reuters, the acquisition deal is a strategic move for Amorepacific as it is aiming to expand its business in the global cosmetic and skin care market. The Seoul-based cosmetic firm is buying Natural Alchemy LLC, which owns the Tata Harper brand.
With this new investment, Amorepacific is taking another step in reaching its goal of tapping into the growing skincare market in North America. Tata Harper was established in 2010 and currently marketing 25 luxury beauty products in online stores. The items are also being sold in more than 800 brick-and-mortar stores such as Neiman Marcus, Sephora, and Bluemercury through partnership deals.
The brand became popular in the U.S. as many people started to prefer and shift to natural beauty products. Most of the customers are affluent and health-conscious individuals. Tata Harper is also gaining new customers as the products are environment-friendly, with ingredients being sourced from farm-grown plants and herbs.
"Tata Harper is a clean beauty brand instilled with the core values of healthy beauty - values that society and consumers are looking for today," Amorepacific Group's chief strategy Officer, Lee Jin Pyo, said in a press release. "Fueled by Amorepacific's top-notch R&D and P&L infrastructure, we expect Tata Harper will be able to significantly expand its footprint in the Western and Asian markets."
Tata Harper's co-founder and co-chief executive officer further said in the same release, "Henry and I founded the brand on our farm in Vermont in our quest to develop a portfolio of products that will deliver efficacious results and a luxury experience without having to compromise your health. I look forward to leveraging Amorepacific's expertise to drive global growth and continue to serve our consumers, who rely on Tata Harper to deliver the most results from their skincare."
Meanwhile, the financial terms of the acquisition agreement between Amorepacfic Corp. and Tata Harper were not disclosed to the public. However, the former mentioned in a filing that it will be investing KRW168 billion or about $123.86 million in its business in the U.S. and buy Tata Harper.
