"It will significantly strengthen our position in North Asia, the largest skincare market in the world; and will complement our existing portfolio, enabling us to offer luxury skincare products at attainable price points," Alan Jope, Unilever President Personal Care, said in a statement.
As China undergoes a painful rebalancing of an economy that accounts for 16 percent of global GDP - up from below a tenth a decade ago - the International Monetary Fund predicts 5.5 percent growth this year for a region that also includes export powerhouses Japan, South Korea, Hong Kong and Taiwan.
Uber is once again making headlines but this time in Asia, where the controversial ride-sharing app is facing fresh legal accusations.
"The PE on the Indian share is about 14 times forward earnings, whereas in China it is about 9 times. So I think there is better value elsewhere," says Shane Oliver of AMP Capital.
John Woods of Citi Private Bank, sees limited downside for Asian emerging markets (EMs) and expects some sort of recovery from Q3 onwards. North Asian markets like Taiwan, Hong Kong, Singapore as a function of exports and uptick of growth in United States will see bottoming out first.