L’Oreal has completed its deal with Magic Holdings International Limited – marking its biggest investment to-date in the Chinese beauty market. Magic is a specialist in cosmetics facial masks, and in 2013 its turnover was approximately 166 million euros.

L’Oréal Paris is the No.1 beauty brand both in the world and in China, and Maybelline New York, No.1 make-up brand in the world and in China as well. From now on, Magic Holdings will contribute to the growth of L’Oréal’s consumer product division in China.

Jean-Paul AGON, Chairman and CEO, commented:

“This is the most important acquisition for L’Oréal since the acquisition of Yves Saint Laurent Beauté in 2008. The MG brand beautifully completes the brand portfolio of our consumer products division in China: L’Oréal Paris, Maybelline New York and MG, the iconic Chinese brand. This acquisition marks the acceleration of our conquest of new consumers in China.”

Yuyuan SHE, CEO Magic Holdings, said:

“We are delighted to join L’Oréal. We believe our brand will benefit from L’Oréal’s extensive science based expertise and its world-class management experience and know-how. This move will help to build the special value of the facial mask sector, continuously grow the sector and strengthen MG’s leadership.”