L’Oréal snaps up Korean skincare brand, Dr.G

Beauty conglomerate L’Oréal has acquired a subsidiary of Swiss retail group Migros, which includes Korean skincare brand, Dr.G.

The deal involves all assets under Migros’ Gowoonsesang Cosmetics Co, Ltd. subsidiary, and will see Dr.G ultimately added to L’Oréal Groupe’s Consumer Products Division (CPD).

This category intends to meet the rising demand for K-Beauty–an umbrella term for Korean beauty products–and scientifically developed, affordable skincare solutions, L’Oréal said in a release.

Efforts to expand on this division were already underway upon L’Oréal’s acquisition of 3CE in 2018, a deal that was valued at 11.2 million dollars.

The terms and value of this latest acquisition were not disclosed. The transaction is expected to be completed in the next few months after regulatory approval.

In a release, global president of L’Oréal’s CPD, Alexis Perakis-Valat, said: "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 democratise and premiumise beauty by bringing the best of Korean skincare to consumers everywhere."

For L’Oréal, the benefit of adding Dr.G to its portfolio reflects efforts to strengthen the group’s engagement with the Korean beauty ecosystem, president of L’Oréal Korea, Samuel du Retail, said in a statement.