Recently, French cosmetics giant L’Oréal is reportedly in final negotiations to acquire Gowoonsesang Cosmetics, a South Korean skincare company owned by Mibelle Group, a subsidiary of Swiss retailer Migros. According to sources familiar with the matter, an announcement about the deal could be made as early as Monday.
While neither L’Oréal nor Mibelle has commented on the ongoing talks, the acquisition marks a significant move for L’Oréal into the dermocosmetics market in South Korea. Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.
Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018. In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.
Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.
Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.
Mibelle employs 1,615 people in five countries, with revenues of CHF661 million ($739.04) in 2023, according to its website. It is reported that its revenues recorded 661 million Swiss francs ($739.04 million) in 2023. Spanish investment bank Alantra was hired to oversee the sale process.
