Israeli skin care brand Ahava has reportedly been sold. Gaon Holdings, which currently owns 15.72% of the company announced the buyout to the Tel Aviv stock exchange.
Globes reported Chinese Fosun International as the buyer. The company is allegedly paying 300m shekels, around $76.3m, for at least 51% of shares in the controversial cosmetics brand, making it the majority owner alongside other share holders Shamrock Israel Growth Fund and Kibbutz Mitzpe Shalem.
Fosun International is the largest private-owned conglomerate in China and has acquired several overseas companies in the past 12 months. The move could help the brand expand into the lucrative Chinese cosmetics market.
Fosun is expected to continue negotiating with Ahava shareholders over the next 90 days with the deal expected to complete after additional approvals and due diligence.
Earlier this year, Ahava was said to be considering moving its manufacturing facility in the West Bank after years of protest and boycotting. It was said to be planning a relocation in the nearby Tamar Regional Council, within the Green Line. The brand has denied bowing to pressure from activists, but seems to have suffered from the drop in sales, employing 25% fewer people than it did in 2013.