L'Oreal SA#’s has acquired Magic Holdings International Limited for 630 million euros. This acquisition is the biggest one since L’Oreal’s deal with YSL Beauté in 2008.
Jean-Paul AGON, Chairman and CEO, said: "The MG brand beautifully completes the brand portfolio of our consumer products division in China: L'Oreal Paris, Maybelline New York and MG, the iconic Chinese brand. This acquisition marks the acceleration of our conquest of new consumers in China."
MG brand is China's top brand in facial masks. This category are one of China's beauty market's fastest growing areas with very promising development prospects. MG’s turnover in 2013 was approximately 166 million euros.
L’Oréal China disclosed sales of 13.28 billion Yuan (1.55 billion euros) in 2013, an increase of 10.2% versus a year ago. 2013 marked the 13th consecutive year of double-digit growth for #L’Oréal# in China. The record high turnover and a track record of strong growth confirm China’s position as the third largest market for L’Oréal.