Retail trade Migros sells South Korean Mibelle subsidiary to L'Oréal
Migros has sold part of its subsidiary Mibelle, which is up for sale. The South Korean company Gowoonsesang Cosmetics, which Migros acquired in 2018, is going to the French cosmetics group L'Oréal.
23.12.2024, 08:52
SDA
According to a statement on Monday, L'Oréal has "concrete plans to further develop Gowoonsesang and has extensive experience in the Asian market". The French group is also taking over the South Korean company's 200 or so employees.
According to the press release, the transaction will be completed in the coming months following approval by the regulatory authorities. The parties have agreed not to disclose the terms of the sale or the price.
Migros also plans to announce the sale of the remaining parts of Mibelle in the first quarter of 2025. This is "even without Gowoonsesang [...] an attractive, extremely innovative and well-positioned group of companies" that is attracting a great deal of interest. Sales negotiations are currently underway and offers have been received, Migros added.
