The French cosmetics giant L'Oréal announced on Monday, December 23, the purchase from the Swiss group Migros of Dr.G, one of the main Korean dermo-cosmetics brands, without detailing the price of the transaction. The group signed a “agreement with the Swiss distribution group Migros for the acquisition of its subsidiary Gowoonsesang Cosmetics”including Dr.G, “to respond to the growing success of K-Beauty around the world”according to a press release. Gowoonsesang Cosmetics was bought in 2018 by Mibelle, a subsidiary of Migros.
Founded by dermatologist Dr. Gun Young Ahn in 2003 and based in Seoul, Dr.G is “one of the leading skincare brands in South Korea”says L’Oréal. Second Korean brand acquired by L'Oréal after 3CE, Dr.G “ranks among the top three consumer care and dermo-cosmetic brands” of the country, adds the group. The transaction, of which no financial information has been disclosed, “should be finalized in the coming months”according to the company.
In a separate statement, Mibelle said negotiations for the sale of the entire group by its parent company, Swiss retailer Migros, were “still in progress” with “great interest from potential buyers”. Migros, number one in food distribution in Switzerland and wishing to concentrate more on its core business, announced in February its intention to sell Mibelle. “Migros expects to be able to communicate the new owner in the first quarter of 2025”adds Mibelle, which posted 661 million Swiss francs (708 million euros) in turnover in 2023.
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