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.

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