[ad_1]
PARIS – L’Oréal is acquiring South Korean skin care brand Dr. G from Migros, the Swiss retail group.
Financial terms of the deal announced Monday were not disclosed.
L’Oréal will purchase Dr. G from Migros’ subsidiary Gowoosesang Cosmetics Co. Ltd., which includes the Korean skin care brand founded by dermatologist Gun Young Ahn in 2003. It is based in Seoul.
It marks the second time L’Oréal is buying a Korean beauty brand. In 2018, the world’s largest beauty maker purchased Stylenanda, which included the 3CE makeup range.
South Korea has long been a hotbed of cutting-edge beauty, spawning global trends such as BB Cream and cushion-based foundation technology starting about 11 years ago. There’s been an international resurgence of K-beauty of late, with stores such as Senti Senti in New York and Miin in Paris focused on products from Korea. TikTok is further helping to grow the trend exponentially, causing some products, such as Beauty of Joseon’s Relief Sun: Rice + Probiotics SPF 50+, to go viral.
Dr. G will become a brand within L’Oréal’s Dermatological Beauty Division. L’Oréal said in a statement released Monday that the brand “is positioned to meet the rising demand for K-beauty and scientifically developed, effective yet affordable skin care solutions.”
L’Oréal’s headquarters.
Courtesy Photo
Dr. G has been among South Korea’s top skin care brands for more than a decade, and now has a broadening pan-Asian presence and growth potential around the world, according to L’Oréal. Dr. G’s portfolio has ingredient-led products with targeted lines, such as its bestselling R.E.D Blemish Clear Soothing Cream.
Dr. G takes an omnichannel approach, with a presence In the key online and offline retailers across South Korea. There, Dr. G ranks among the top-three mass-market and dermocosmetics skin care brands.
“Created by a dermatologist and offering high-performing solutions suitable for even the most sensitive skins, Dr. G perfectly complements our existing skin care portfolio,” said Alexis Perakis-Valat, global president of L’Oréal’s Consumer Products Division, in the statement.
“We have been following the brand and its success for many years, and we look forward to accelerating its growth in South Korea and the rest of the world, staying true to our mission to democratize and premiumize beauty by bringing the best of Korean skin care to consumers everywhere,” he continued.
Samuel du Retail, president of L’Oréal Korea, underlined Dr. G is rooted in its founder’s vision that everyone deserves healthy skin.
“Having the Dr. G brand and Gowoosesang talent teams with us will further strengthen L’Oréal’s engagement with the Korean beauty ecosystem and allow us to expand the reach of K-beauty globally,” said du Retail.
[ad_2]
Source link
