PARIS (Reuters) – French cosmetics giant L'Oreal said on Monday it has agreed to buy Joonsesang Cosmetics, which includes South Korean skincare brand Dr. G, from Swiss retailer Migros.
The K-beauty market is dominated by local brands, known to be among the most innovative brands in the world, and increasingly popular overseas as part of the “K-Beauty” trend.
Dr.G will meet the growing demand for effective and affordable K-Beauty and skincare products, L'Oréal said in a statement, adding that it has a growing presence across Asia and global growth potential.
“We have followed the brand and its success for many years and look forward to accelerating its growth in South Korea and the rest of the world,” said Alexis Perakis-Vallat, Global President of L'Oréal (EPA). Consumer Products Department.
Reuters reported on Friday that L'Oréal and Migros were in final talks on a deal. Migros announced a strategic review of its Mibelle cosmetics group in February, saying it wanted to find a new home for the owner of Gowoonsesang and other brands.
L'Oreal did not provide an evaluation of the deal, which comes amid a slowdown in China, which was previously one of the fastest growing beauty markets.
In 2018, it acquired the South Korean makeup company 3CE.
