by Andres Gonzalez and Oliver Hirt
(Reuters) – French cosmetics giant L’Oreal is in final negotiations to acquire Gowoonsesang Cosmetics, a South Korean cream company owned by Mibelle Group, an entity of Swiss retail conglomerate Migros, according to two sources with knowledge of the matter. the transaction.
An announcement could be made as early as Monday, said one of these sources.
A Migros representative declined to comment. Asked several times, L’Oréal did not respond.
Mibelle purchased shares in Gowoonsesang Cosmetics, which sells creams under the Dr.G brand, in 2018.
In February, Migros announced a strategic review of its Mibelle branch, saying it wanted to find a new owner for its activities.
Mibelle produces cosmetics for its own brands, including Dr. G and Lee Stafford, as well as white label, according to its website.
Dr.G is the leading facial cream brand in the Korean dermocosmetics market, according to Mibelle’s website.
Spanish investment bank Alantra was hired as an advisor after the strategic review, to seek buyers for the company, one of the sources interviewed by Reuters said. An Alantra spokesperson declined to comment. Mibelle employs 1,615 people in five countries, with turnover of 661 million Swiss francs (710.65 million euros) in 2023, according to its website.
(Reporting Andres Gonzales and Oliver Hirt, with the contribution of Dominique Patton, Florence Loève, edited by Augustin Turpin)
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