L’Oreal, the global beauty firm, has announced the acquisition of the Korean fashion and cosmetics firm Nanda for an undisclosed sum.
Founded in the South Korean capital Seoul in 2004, Nanda is spearheaded by its make-up brand 3CE which today represents more than 70% of its business. The firm generated revenues of €127 million ($152 million) in 2017 and employs nearly 400 staff. Described as “a highly desirable brand among Korean and Chinese millennials”, Nanda operates in both South Korea and Japan and distributes its products to a range of overseas markets including Hong Kong, Singapore, Malaysia and Thailand.
L’Oreal said it planned to expand the sales of 3CE internationally following the acquisition. Commenting on the deal, Alexis Perakis-Valat, president of L’Oréel’s Consumer Products division, said: “We are thrilled to welcome this cool Korean brand in the L’Oréal family. Stylenanda captures Seoul’s vibe, edge and creativity. It is perfectly positioned to nourish the growing appetite for make-up of millennials in Korea, China and beyond”.
Source: L’Oreal (via Globe Newswire)