LG Household & Health Care announced on August 31 that it has signed a contract to acquire a 56 percent stake in Boinca, which owns US high-end fashion hair care brand Arctic Fox, for $100 million.
Altik Fox is a vegan concept brand launched in the United States in 2014. Based on its digital marketing power through SNS, focusing on fashion hair dye, it has more than 2 million followers on Instagram, TikTok, and Facebook, and has maintained high sales growth of 89 percent on average over the past three years.
The company is a top brand in major channels, such as securing No. 1 in the entire hair color product line on Amazon in the US (as of August 23, 2021), No. 1 in Sally Beauty, and No. 2 in Ulta Beauty.
The global hair care market is estimated to be worth about 90 trillion won as of 2020, of which the high-end hair care market is estimated to account for about 20 percent.
LG Household & Health Care plans to enter the global high-end fashion hair care market based on the high recognition of Arctic Fox in the US.
