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Business deals

LG Household buys Avon Japan for $96m

Mature Japanese market still holds appeal for South Korean group

Japanese households spent more on cosmetics than on women's clothing for the first time last year.   © Reuters

SEOUL -- South Korea's LG Household & Health Care will purchase Tokyo-based cosmetics seller Avon Products for 10.5 billion yen ($96.3 million), marking its fourth acquisition in Japan.

Avon Japan, an offshoot of the American direct sales beauty company, will become a wholly owned subsidiary of LG Household under plans announced on Tuesday. The LG group's health and beauty arm is expanding its distribution network in the still-vibrant Japanese cosmetics market.

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