French cosmetics big L’Oreal 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 recognized for being among the many world’s most progressive, and more and more common abroad as a part of a development for ‘Okay-Magnificence’.
Dr.G will meet rising demand for Okay-Magnificence and efficient but reasonably priced skincare, L’Oreal stated in an announcement, including that it has a rising pan-Asian presence and world development potential.
“We’ve got been following the model and its success for a few years and we sit up for accelerating its development in South Korea and the remainder of the world,” stated Alexis Perakis-Valat, world president of L’Oréal’s shopper merchandise division.
Reuters reported on Friday that L’Oreal and Migros have been in ultimate talks on a deal. Migros introduced a strategic evaluate of its Mibelle cosmetics group in February, saying it wished to discover a new dwelling for the proprietor of Gowoonsesang and different manufacturers.
L’Oreal didn’t give a valuation for the deal, which comes amid a slowdown in China, beforehand one of many fastest-growing magnificence markets.
