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L’Oréal Rumored to Bid on Nanda

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L’Oréal is the preferred bidder for a 70% stake in South Korean cosmetics company Nanda, reports Reuters.

The deal is estimated at 400 billion won ($375 million) and is being managed by UBS. The move would aim to strengthen the cosmetic giant’s presence in Asian markets, including China.

Nanda, which began as an online retailer, has retail spaces in South Korea, Tokyo and Hong Kong. It recorded 129 billion won in sales in 2016, up from 109 billion the previous year.

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