French cosmetics giant L’Oreal has acquired a 100 percent stake in Style Nanda, marking its first acquisition of a Korean company, according to the fashion and makeup manufacturer Thursday.
The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee had initially planned to sell off 70 percent of the company’s shares for 400 billion won ($37 billion) and to keep a 30 percent stake. However, she had changed her mind.
Kim started Style Nanda as an online fashion mall business in 2005, when she was 22. She sold clothes bought from the Dongdaemun fashion wholesale market. The company’s unique style and quirky marketing quickly boosted its business.
(Style Nanda)
In 2009, the company had launched its own cosmetics brand 3CE, which now accounts for most of its revenue with over 500 products and is popular in China.
Style Nanda raked in 127 million euros ($152 million) in sales last year, with 70 percent coming from 3CE.
L’Oreal said it aims to expand sales of 3CE globally through the acquisition.
“Style Nanda encapsulates Korean style’s ambience, edge and creativity, which can appeal to Millennials not only in Asia but globally,” said Alexis Perakis-Valat, president of L’Oreal’s consumer production division.
“L’Oreal is proud to have the group’s first Korean beauty brand and be able to bring Korean beauty and style to the rest of the world,” said Yann Le Bourdon, president of L’Oreal Korea.
By Kim Da-sol (
ddd@heraldcorp.com)