Amorepacific acquires Tata Harper
Korean beauty giant Amorepacific announced on Thursday it has acquired natural luxury skincare brand Tata Harper, as the Asian company looks to extend its reach further into North America.
The Seoul-based company said the acquisition of Tata Harper will be "highly additive" to its current offering and will expand its business to the Americas and Europe, while "realigning strategies" to broaden its presence in Asia.
In return, Amorepacific said it will enhance the profitability of the U.S. skincare brand by leveraging its scale and streamlining a variety of internal processes. The closing of the acquisition is expected to occur in the fourth quarter 2022. Tata Harper, the company's co-founder, will continue to lead the brand, Amorepacific confirmed.
"Tata Harper is a clean beauty brand instilled with the core values of healthy beauty - values that society and consumers are looking for today. 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," said Jinpyo Lee, Chief Strategy Officer at Amorepacific Group.
Founded in 2010 by Colombia-born Tata and Henry Harper in America's Vermont, Tata Harper is luxury skincare brand defined as being strictly 'clean' in everything, from product development to packaging. The company uses 100% naturally derived ingredients without any genetically modified organisms (GMOs), toxins, fillers, artificial colors or fragrances, or synthetic chemicals.
"Henry and I founded the brand on our farm in Vermont in our quest to develop a portfolio of products which will deliver efficacious results and a luxury experience without having to compromise your health," said co-founder and co-CEO, Tata Harper.
"Our approach to formulation, including full control of manufacturing, has allowed us to pioneer the next generation of beauty. 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."
With a primary focus on the U.S. market, Tata Harper currently sells its products in 25 online stores, including its own direct-to-consumer website, Net-a-Porter, and Cult Beauty, as well as in over 800 brick-and-mortar retailers such as Sephora, Bluemercury, and Neiman Marcus. In 2015, the brand received a minority investment from Alliance Consumer Growth.
In its most recent trading update, Amorepacific said second-quarter sales in North America jumped by 66% year-on-year, led by global brands including Laneige, Sulwhasoo, and innisfree, among others.
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