The L'Oréal Group announced on the 23rd that it has reached an agreement to acquire Swiss retail group Migros and its subsidiary, Gounsesang Cosmetics.
Gounsesang Cosmetics is a cosmetics corporation founded in 2003 by dermatologist Ahn Geon-young, and it has the dermacosmetic brand "Dr. G." In 2018, Migros Group's cosmetic raw material subsidiary, Mibel AG, secured 100% equity.
L'Oréal stated that Dr. G will join the consumer cosmetic division within the group. The acquisition amount was not disclosed.
L'Oréal noted that it will play a role in meeting the growing demand for K-beauty and for scientifically developed skincare solutions that are effective yet reasonably priced.
Previously, in 2018, L'Oréal acquired 100% equity of Stylenanda, which operates the color cosmetics brand 3CE, for about 600 billion won. This marks the second time the company has acquired a K-beauty corporation.
Alexis Perakis-Valat, global head of L'Oréal Group's consumer cosmetic division, stated, "Dr. G, developed by a dermatologist to provide high-performance solutions suitable for sensitive skin, perfectly complements the existing skincare portfolio of L'Oréal's consumer cosmetic division," adding, "We hope that Dr. G will accelerate growth in South Korea and globally, providing the best skincare from Korea to consumers worldwide."