L’Oreal ac­quires skin-care com­pany Magic Hold­ings

China Daily (Canada) - - NEWS CAPSULE -

L’Oreal SA, the world’s big­gest cos­met­ics maker, will ac­quire Chi­nese skin-care com­pany Magic Hold­ings In­ter­na­tional Ltd.

Magic is best known for its fa­cial masks and re­ported $205 mil­lion of rev­enue in 2012, a 29 per­cent in­crease from a year ear­lier. Chi­nese con­sumers seem to be ea­ger buy­ers of fa­cial mask prod­ucts, es­pe­cially online shop­pers, in­dus­try ob­servers said.

The deal comes one week af­ter L’Oreal an­nounced it would stop sell­ing its Garnier brand prod­ucts in China.

The trans­ac­tion, which was ap­proved by the Min­istry of Com­merce, is ex­pected to close dur­ing the sec­ond quar­ter of 2014, ac­cord­ing to L’Oreal. (Photo 5)

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