L'Oréal: acquisition from Migros in South Korea

(CercleFinance.com) - Swiss retailer Migros announced on Monday that L'Oréal is to acquire the South Korean subsidiary of its cosmetics division Mibelle Group.


The acquired entity, called Gowoonsesang Cosmetics, markets the Dr.G brand, one of the best-known beauty creams in the country.

Gowoonsesang, founded in 1998, offers a range of cosmetics specially designed for sensitive skin. The Korean company was acquired by Mibelle Group in 2018.

In addition to Dr.G, the company owns the vividraw, Lab.it and Heal us brands, and employs some 200 people in South Korea and a dozen in China, who will join the L'Oréal teams.

It exports to more than 10 Asia-Pacific countries, as well as to the United States.

While the terms of the sale, particularly financial, have not been disclosed, Migros indicates that the transaction should be finalized in the next few months following approval by the regulatory authorities.

In a press release, Migros - which is seeking to refocus on its core business - indicates that negotiations for the sale of the remainder of the Mibelle Group are still ongoing, but that potential buyers are showing 'great interest'.

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