May 2, 2018 / 4:22 PM / 2 months ago

L'Oreal snaps up South Korean cosmetics firm Nanda

PARIS, May 2 (Reuters) - French cosmetics group L’Oreal on Wednesday said it had bought South Korean make-up and fashion firm Nanda, as industry leaders jostle for a slice of one of the world’s most dynamic beauty markets.

L’Oreal did not disclose how much it had paid for the company, detailing only that Nanda, known for its fashion business Stylenanda and 3CE cosmetics brand, had a turnover of 127 million euros ($152 million) in 2017.

The acquisition was estimated at around 400 billion won ($371.56 million), Korean media previously reported.

Foreign investors including LVMH, Estee Lauder and Unilever are also among those betting on continued demand for Korean beauty products in Asian markets such as China, backed by the popularity of Korean pop culture. ($1 = 0.8358 euros) ($1 = 1,076.5300 won) (Reporting by Sarah White Editing by Laurence Frost)

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