Facilitating Chinese Market Growth, L'Oréal Acquires Korean brand STYLENANDA
L'ORÉAL is expected to acquire NANDA, which operates Korean online shopping mall called STYLENANDA. According to The Korean Economic Daily, it is said that 70% of the shares currently owned by NANDA's founder, So Hee Kim will be sold for about 400 billion KRW (approx. 374 billion USD). NANDA was founded in 2005 when Kim was at the age of 22, and started online select shop STYLENANDA, consisting of apparel in the same year. Then in 2009, cosmetic brand 3CE was launched. As K-Beauty was growing popular, 3CE rapidly increased in sales and opened its brick-and-mortar store in Seoul, 2012. In Japan 2016, STYLENANDA opened its first store with the products of both STYLENANDA and 3CE at Isetan Shinjuku, then second store in Hankyu Umeda Osaka, and last year at the flagship store opened in Takeshita street, Harajuku. L'ORÉAL’s expectation of 3CE’s popularity is placed in China. The objective of this acquisition is to accelerate growth in the Chinese market utilizing the brand's high recognition.