L’Oréal recently closed on its acquisition of Chinese company Magic Holdings International Ltd. for €636 million ($882.9 million),
the
Wall Street Journal
reported.
Magic Holdings makes the MG line of facial masks.
L’Oréal, which recently pulled its Garnier brand from the Chinese market, will try to expand MG’s presence in China, where facial masks are more popular than they are in the U.S. or Western Europe, the
Journal
article said.
Other companies have had difficulty introducing Chinese brands to global customers, the article said. Citing unnamed industry observers, the
Journal
report said L’Oréal hasn’t had much success with previous acquisitions of Chinese brands, including Mininurse and Yue Sai.
L’Oréal aims to double its online sales in China this year, the
Journal
article said. (Source:
Wall Street Journal,
April 15, 2014.)
-
1184 reads