L’Oreal acquires skin-care company Magic Holdings
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)