L’Oréal acquires South Korean subsidiary of Migros’ cosmetics brand
French cosmetics firm L'Oréal is acquiring Gowoonsesang Cosmetics, the South Korean subsidiary of the Migros-owned Mibelle group, for an undisclosed sum. Negotiations for the sale of the remainder of Mibelle are ongoing.
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Last February, Swiss retail giant Migros had announced the sale of the Mibelle personal care and cosmetics brand as part of its refocusing on its core business. “Potential buyers are showing great interest”, the group announced in a press release on Monday, adding that “offers have been made”.
+ Swiss retailer Migros to shed jobs and sell off subsidiaries
Migros expects to be able to announce the name of the new owner in the first quarter of 2025. For the time being, the company is convinced that L’Oréal “offers the best prospects for Gowoonsesang”.
The French group “has concrete plans to develop Gowoonsesang and has extensive experience in the Asian market”, said Matthias Wunderlin, Head of Migros Industrie.
The terms of the sale were not disclosed. Gowoonsesang staff will be taken over by L’Oréal. The transaction is expected to be finalised in the coming months, following regulatory approval.
+ The history of Swiss retail giant Migros in pictures
Faced with fierce competition from German discounters Aldi and Lidl, Migros decided on a new strategy at the beginning of the year. Since then, there has been a steady stream of announcements concerning the sale, closure or restructuring of its specialist chains.
Translated from French with DeepL/gw
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