Chinese investment conglomerate Fosun Group has announced that it has agreed to he acquisition of a 100% equity interest in Israeli cosmetics manufacturer Ahava Dead Sea Laboratories for 290 million ILS ($77 million).
Fosun will wholly own Ahava, which makes skin care products from Dead Sea minerals and mud and markets facial care products including Dead Sea Osmoter Facial Serum, Facial Mud Exfoliator and Active Moisture Gel Cream. The business has been operating since 1988 and now supplies department stores, perfumeries and independent stores in more than 30 countries.
Commenting on the acquisition, Fosun vice chairman and CEO Liang Xinjun said: “We feel very confident about the market in Israel and continue to seek suitable investment opportunities in different areas in the country. We are glad to have succeeded in acquiring such a famous, strong and successful brand as Ahava under this mutually beneficial agreement. We will endeavour to extend the success of this brand to China and other countries”.
Source: Fosun (via PR Newswire)