L’Oréal is investing in the K-beauty trend with the acquisition of Korean lifestyle, makeup and fashion company Nanda Co. Ltd.
Founded in Seoul in 2004 by Kim So-Hee, Stylenanda started life as a fashion business but has since gained a reputation for its makeup brand, 3CE. The cosmetics label, which operates in Korea and Japan and has expanded its business to other Asian markets, counted a turnover of 127 million euros in 2017.
“We are thrilled to welcome this cool Korean brand in the L’Oréal family,” said Alexis Perakis-Valet, President of L’Oréal’s Consumer Products Division, in a statement. “Stylenanda captures Seoul’s vibe, edge, and creativity. It is perfectly positioned to nourish the growing appetite for the makeup of millennials in Korea, China and beyond.”
So Hee Kim, CEO, and founder of Stylenanda, added: “We strongly believe that this transaction will be a landmark breakthrough for Nanda. Grounded on L’Oréal’s solid support and global platform, we envisage to expand Stylenanda’s footprints internationally, becoming a world-renowned brand to lead global trends in beauty.”
Following the transaction, which is expected to be completed in the next two months, L’Oréal plans to expand the sales of 3CE internationally, building on its existing multi-channel distribution model that spans e-commerce, speciality retailers, and point of sales in department and duty free stores, as well as flagship locations in Seoul and Tokyo. The brand will be the first Korean beauty label on the group’s roster.