French cosmetics big L’Oréal stated on Monday it had agreed to purchase Gowoonsesang Cosmetics, which incorporates South Korean skincare model Dr.G., from Swiss retailer Migros.
The Korean magnificence market is dominated by native manufacturers identified for being among the many world’s most progressive, and more and more standard abroad as a part of a pattern for Okay-beauty.
Dr.G will meet rising demand for Okay-beauty and efficient but inexpensive skincare, L’Oréal stated in an announcement, including that it has a rising pan-Asian presence and international progress potential.
“We now have been following the model and its success for a few years and we look ahead to accelerating its progress in South Korea and the remainder of the world,” stated Alexis Perakis-Valat, international president of L’Oréal’s shopper merchandise division.
Reuters reported on Friday that L’Oréal and Migros have been in remaining talks on a deal. Migros introduced a strategic overview of its Mibelle cosmetics group in February, saying it needed to discover a new house for the proprietor of Gowoonsesang and different manufacturers.
L’Oréal didn’t give a valuation for the deal, which comes amid a slowdown in China, beforehand one of many fastest-growing magnificence markets.
In 2018, it acquired South Korean make-up agency 3CE.
By Benoit Van Overstraeten and Dominique Patton
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