Jan 14, 2014
L'Oréal gets greenlight to buy Chinese skincare company
Jan 14, 2014
The bid of HK$6.30 per share is worth a total of HK$6.53 billion (US$843 million, 636 million euros) and was approved by China's commerce ministry, the companies said in a joint statement.
Magic's MG brand is one of the leaders in China's fast-growing cosmetic facial mask market.
Present in China since 1997, L'Oréal has 3,500 employees in the country where it operates two plants and a research centre.
Western companies believe that the beauty and personal health products market in China, which accounted for more than a quarter of luxury goods sales there, still has enormous potential.
However the sector has recently felt the chilling effect of a Chinese government clampdown on corruption, which often takes the form of gifts of luxury goods.
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