By Investing.com — L’Oréal (EPA:OREP) on Monday said it has agreed to acquire Gowoonsesang Cosmetics, the company behind the South Korean skincare brand Dr.G, from Swiss retailer Migros, as per a Reuters report.
This move aligns with L’Oréal’s strategy to expand its footprint in the rapidly growing K-Beauty market, known for its innovation and global appeal.
In a statement, the French cosmetics giant flagged the strong demand for K-Beauty products, emphasizing the affordability and effectiveness of Dr.G’s skincare range. The company noted that Dr.G has potential for growth across Asia and globally, as per the report.
The deal follows Migros’s review of its Mibelle cosmetics unit, announced in February, which sought new ownership for Gowoonsesang and other associated brands.
While financial details of the transaction were not disclosed, the deal occurs amidst a cooling of China’s previously booming beauty market, the report said.
This marks L’Oréal’s second major investment in South Korea’s beauty sector, following its 2018 acquisition of the makeup brand 3CE.