L'Oréal has agreed to acquire Gowoonsesang Cosmetics, the South Korean subsidiary of Swiss cosmetic actives maker Mibelle Group, from Migros.
The sale includes the renowned Dr.G brand, one of the leading dermocosmetic brands in South Korea.
The value of the transaction was not disclosed.
Migors, Switzerland's largest supermarket chain and retail company, announced in February 2024 its intention to sell the Mibelle Group as part of its focus on its core business.
Sales negotiations for the rest of the Mibelle Group – including Mibelle Biochemistry - are still ongoing, said Migros in a statement.
“There is a great deal of interest from potential buyers," it added.
Based on the ongoing sales negotiations, Migros said it is confident that L'Oréal will offer the South Korean Mibelle subsidiary Gowoonsesang the best opportunities for the future.
Matthias Wunderlin, Head of Migros Industrie (MIND), added: “The acquisition by L'Oréal is a huge opportunity for Gowoonsesang. L'Oréal has concrete plans to further develop Gowoonsesang and has a wealth of experience in the Asian market.”
“We are glad to welcome Gowoonsesang into the L’Oréal family and to contribute to bringing the best of Korean beauty to the world”, said Samuel du Retail, President of L'Oréal Korea.
“Having the Dr.G brand and Gowoonsesang’s talented teams with us will further strengthen L’Oréal engagement with the Korean beauty ecosystem and allow us to expand the reach of K-beauty globally.”
The employees of Gowoonsesang will join L'Oréal.
The transaction is expected to be completed in the coming months following approval by the regulatory authorities.
