The Ed.
Well-Known Member
The Chinese market is a funny one. Huge beauty brands can struggle to rake in huge profits due to competition from local brands.
Revlon recently pulled out of China entirely, swiftly followed by L'Oreal who yanked their skincare brand Garnier out of there choosing instead to just focus on mass market makeup brands Maybelline and L'Oreal Paris.
However, on Tuesday, L'Oreal announced that it had acquired Magic Holdings, a Chinese company that produces facial masks - the wet, paper ones you leave on and then peel off. Apparently, these facial masks are one the fastest-growing categories in China's beauty market and Magic Holdings's MG Brand is a top brand for them.
Jean-Paul Agon, chairman and CEO of L'Oreal, called the deal "the most important acquisition for LOréal since the acquisition of Yves Saint Laurent Beauté in 2008," and said it "marks the acceleration of our conquest of new consumers in China."
Big words. Watch this space.
Until then...geek on!
The Ed.
Revlon recently pulled out of China entirely, swiftly followed by L'Oreal who yanked their skincare brand Garnier out of there choosing instead to just focus on mass market makeup brands Maybelline and L'Oreal Paris.
However, on Tuesday, L'Oreal announced that it had acquired Magic Holdings, a Chinese company that produces facial masks - the wet, paper ones you leave on and then peel off. Apparently, these facial masks are one the fastest-growing categories in China's beauty market and Magic Holdings's MG Brand is a top brand for them.
Jean-Paul Agon, chairman and CEO of L'Oreal, called the deal "the most important acquisition for LOréal since the acquisition of Yves Saint Laurent Beauté in 2008," and said it "marks the acceleration of our conquest of new consumers in China."
Big words. Watch this space.
Until then...geek on!
The Ed.
