L'Oréal adds another brand to its portfolio. The French group has acquired the Korean cosmetics brand with the intention of boosting its K-Beauty business. Although the deal has not been completed, it is expected to be completed in the coming months following regulatory approvals.
Dr.G is a brand that was founded in 2003 and is based in Seoul and has been one of South Korea's leading skincare brands. The brand now becomes part of L'Oréal Group's Consumer Products Division (CPD) which aims to offer a scientifically developed, effective and affordable skincare alternative.
‘We are delighted to welcome Dr.G. It is a brand that fits perfectly with our skincare portfolio. We have followed its journey for many years and look forward to accelerating its growth in South Korea and the rest of the world, while maintaining our values of democratising premium beauty,’ L'Oréal said in a statement.
L'Oréal is making this new move after expanding its brand portfolio in November with the addition of Ushuaïa, the acquisition of a stake in Galderma and an environmental technology startup early last year, Gjosa.
This addition, if nothing else, is an entirely strategic operation, as European consumers look forward to the effects of Korean cosmetics and at a time when Korean culture is booming in the Western sector thanks to its cultural penetration through music, art and series.