French group L’Oréal is said to have been picked as the preferred bidder to purchase a 70% stake in South Korean retailer Nanda, according to The Korea Economic Daily. The deal is estimated at about KRW400bn ($376m).
Nanda was founded in 2004 by Korean entrepreneur So Hee Kim. The company now sells its own lines of fashion and cosmetics through its website, stylenanda.com, and in several brick-and-mortar stores throughout Asia. Nanda’s in-house cosmetics line, 3CE, includes a full range of make-up, plus product collaborations with brands such as Maison Kitsuné.
Citing investment banking sources, the report claims the proposed sale is set to finance Nanda’s overseas expansion and bolster L’Oréal’s presence in China through the 3CE brand.
A spokesperson for L’Oréal contacted by BW Confidential declined to comment.