L’Oréal announced that has acquired 100% of the Korean lifestyle make-up and fashion company Nanda Co. Ltd., According to Market sources, for about US$370 million. Nanda has annual sales of about $150 million.

Stylenanda began as a fashion business and has since become a company spearheaded by its make-up brand 3CE which today represents more than 70% of the business. With a turnover of 127 million euros in 2017 and nearly 400 employees, the company now operates in Korea and Japan, and has expanded its business into overseas markets including Hong Kong, Singapore, Malaysia and Thailand.

Stylenanda is a highly desirable brand among Korean and Chinese millennials. Stylenanda’s multi-channel distribution model includes e-commerce, speciality retailers, point of sales in department and duty free stores.

“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.” said So Hee Kim, CEO and founder of Stylenanda.

Alexis Perakis-Valat, President of L’Oréal’s Consumer Products Division, said “We are thrilled to welcome this cool Korean brand in the L’Oréal family. Stylenanda captures Seoul’s vibe, edge and creativity. It is perfectly positioned to nourish the growing appetite for make-up of millennials in Korea, China and beyond.”

Yann Le Bourdon, President of L’Oréal Korea, added “With this acquisition, L’Oréal Korea will substantially reinforce its presence in the accessible make-up market. We are very proud to welcome the Group’s first Korean beauty Brand and contribute to bring Korean beauty and style to the rest of the world.”

With this acquisition, L’Oréal plans to expand the sales of 3CE internationally. The transaction is expected to be completed in the next two months after customary regulatory approvals.