China’s leading investment group Fosun Group and Gaon Holdings, representing the shareholders of Ahava Dead Sea Laboratories Ltd., have signed an agreement over the acquisition of a 100% equity interest in Ahava, a top brand of Dead Sea mineral skincare in Israel for 290 million shekels (about USD 77 million or EUR 67 million).

Under the terms of the agreement, Fosun will acquire the holdings from the existing shareholders of Ahava.

Founded in 1988 in the Dead Sea region, Ahava is a world-renowned brand of Dead Sea mineral skincare. For nearly 30 years, Ahava has been operating in over 30 countries, spanning the world’s leading department stores, perfumeries and independent stores. Ahava, which manufactures its products at a plant in the Israeli-occupied West Bank, has been the target of pro-Palestinian groups who have called for a boycott of its products. However, the company recently said it may move its plant to another area.

"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," said Mr. Liang Xinjun, Vice Chairman and CEO of Fosun Group. "China’s economy will be increasingly driven by consumption,” he added.

Fosun started to invest in the Israeli beauty industry in 2013 when it acquired Alma Lasers, a leading laser beauty equipment company in Israel. According to the fund, Alma Lasers has since made significant progress in its development strategy in China, which has become its biggest market.