L’Oreal announces major acquisition in China
French beauty giant L’Oreal has annouced it has completed the purchase of China’s Magic Holdings for 630 million euros (US$843 million), its biggest acquisition since YSL Beaute in 2008. L’Oreal intends to further develop the local Chinese beauty brand by implementing its expertize in skincare, the MG brand being specialized in facial skincare. Magic Holdings is listed on the Hong Kong Stock Exchange and registered a turnover of 130 million euros in 2012. As of 31 December 2012, the MG beauty brand had 13 series and over 167 types of facial mask products.