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LOréal has announced that the Ministry of Commerce of the Peoples Republic of China (MOFCOM) has given its approval for LOréal to proceed with the implementation of its acquisition of Chinese skin care company Magic Holdings International Limited.
A specialist in cosmetic facial masks, Magics turnover in fiscal year 2012-13 was approximately €160m; facial masks are one of the China beauty markets fastest growing areas with very promising development prospects. By adding a major Chinese brand with a unique expertise to its portfolio, LOréal says its Consumer Products Division will be able to further accelerate its conquest of new consumers in the strategic Chinese market.
The transaction is expected to close during the second quarter of 2014.