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Beauty Industry

LOreal Bids for Hong Kong Skincare Company

The cosmetics giant will soon acquire one of China's fastest growing brands.

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By: Jamie Matusow

Editor-in-Chief

L’Oreal has received approval for its $843 million bid to acquire Magic Holdings International, a facial care company based in Hong Kong.

The bid is HK$6.30 per share, and is worth a total of HK$6.53 billion (US$843 million, 636 million euros). It was approved by China’s commerce ministry.

Magic Holdings’ MG brand is one of the fastest-growing in China, in the cosmetic facial mask market. L’Oreal has 3,500 employees in China, as well as two plants and a research center.

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