logo
  

L'Oreal Says Magic Holdings Acquisition Transaction Now Effective

French cosmetics maker L'Oreal Co. (LRLCY.PK) said Tuesday that Magic Holdings acquisition transaction is now effective, following the approval by Magic Holdings International Limited shareholders.

L'Oreal said that the acquisition marks the company's biggest investment to-date in the Chinese beauty market and further strengthens the Group's leadership position in the world's third largest beauty market.

Jean-Paul AGON, Chairman and CEO, said, "This is the most important acquisition for L'Oréal since the acquisition of Yves Saint Laurent Beauté in 2008. The MG brand beautifully completes the brand portfolio of our consumer products division in China: L'Oréal Paris, Maybelline New York and MG, the iconic Chinese brand. This acquisition marks the acceleration of our conquest of new consumers in China."

A specialist in cosmetics facial masks, Magic's turnover in 2013 was about 166 million euros. Magic's MG brand is China's leading brand in this category.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
RELATED NEWS
Follow RTT