SEOUL, May 3 (Korea Bizwire) — French cosmetics giant L’Oreal said Thursday it will buy Nanda Co., one of South Korea’s leading online retailers, amid the global popularity of K-pop and Korean beauty items.
L’Oreal said it will wholly purchase the makeup and fashion company, without disclosing the transaction price. It marks the French firm’s first acquisition of a Korean company.
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 represents 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 South Korea and a number of overseas markets, including Japan, Hong Kong, Singapore, Malaysia and Thailand.
“We strongly believe that this transaction will be a landmark breakthrough for Nanda,” said Kim So-hee, CEO and founder of Stylenanda. “Grounded on L’Oreal’s solid support and global platform, we envisage expanding Stylenanda’s footprints internationally, becoming a world-renowned brand to lead global trends in beauty.”
L’Oreal said it will push for expansion of the global sales of 3CE.
“Stylenanda captures Seoul’s vibe, edge and creativity,” said Alexis Perakis-Valat, president of L’Oreal’s Consumer Production Division. “It is perfectly positioned to nourish the growing appetite for makeup for millennials in Korea, China and beyond.”
“We are very proud to welcome the group’s first Korean beauty brand and contribute to bring Korean beauty and style to the rest of the world,” said Yann Le Bourdon, president of L’Oreal Korea.