By Andres Gonzalez and Oliver Hirt LONDON (Reuters) - French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a
L'Oreal in Final Talks to Acquire Migros' Korean Cosmetic Unit
By Andres Gonzalez and Oliver Hirt
LONDON (Reuters) - French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.
An announcement could be made as soon as on Monday, one of the people said.
A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.
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.
Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle 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.
A spokesperson for Alantra declined to comment.
Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.
($1 = 0.8944 Swiss francs)
(Reporting by Andres Gonzales and Oliver Hirt. Additional reporting by Dominique Patton, editing by Anousha Sakoui and Chizu Nomiyama)
