L’Oreal completes acquisition of Style Nanda
[THE INVESTOR] French cosmetics giant L’Oreal said on June 21 it has completed the acquisition of one of Korea’s leading online retailers amid a rise in the global popularity of K-pop and Korean beauty items.
Last month, L’Oreal announced it will wholly purchase the makeup and fashion company Nanda, famous for its brand Style Nanda. It's the French firm’s first takeover of a Korean firm. The transaction price was undisclosed.
“After obtaining the necessary authorizations from the relevant authorities, L’Oreal has finalized the acquisition of the Korean lifestyle company Nanda,” the company said in a statement.
Launched in 2004 as the fashion brand Stylenanda, the Korean firm has grown into a major retailer spearheaded by its makeup brand, 3CE, which now accounts for more than 70 percent of its business, according to L‘Oreal.
With a turnover of 127 million euros (US$152 million) last year, Nanda runs businesses in Korea and a number of overseas markets, including Japan, Hong Kong, Singapore, Malaysia and Thailand.
Nanda will be operated separately from L’Oreal Korea’s existing four business divisions in order to maintain its originality, it said. The online mall’s founder Kim So-hee will join the team as the chief creative executive, L’Oreal added.
By Song Seung-hyun and newswires (firstname.lastname@example.org)