LG Household & Healthcare has acquired a 56% stake in Boinca, the California-based owner of popular vegan hair dye brand Arctic Fox. The Korean company reportedly purchased the controlling stake for $100 million, hoping to boost its presence in the North American premium hair care industry.
“The global hair care market is estimated to be around 90 trillion won,” LG told Korea JoongAng Daily. “In the market, high-end hair care products account for about 20 percent.”
Arctic Fox’s premium semi-permanent hair dyes are free of animal products and not tested on animals. They are currently the bestseller in the category on Amazon, largely owing to the brand’s highly successful marketing efforts.
The dyes are made entirely with natural, plant-based ingredients, and 15% of profits are donated to charities that help prevent animal cruelty. In the US, they are available at retailers such as Hot Topic, Sally Beauty, and Ulta Beauty. They also ship worldwide via the company’s website, as well as online marketplaces such as Amazon.
Vegan hair care is a fast-expanding market. Popular brand Aveda recently removed all animal ingredients from its products, and luxury brand VEGAMOUR raised $80 million in funding earlier this year. Meanwhile, companies such as R+Co are launching lines that are sustainable as well as vegan-friendly.
“It is Arctic Fox’s mission to provide the world with a variety of high-quality hair color and care products that can be used as tools for self-expression,” the company says on its website. “AF believes everyone has a unique voice and should have the opportunity to define who they are.”