L'Oreal buys British skincare brand Medik8
L'Oreal
is to acquire British skincare brand
Medik8
, its owner, Britain-based private equity firm Inflexion, said on Monday, boosting the French cosmetics giant's offering in the fast-growing dermatological
skincare market
.
The size of the deal was not disclosed. Medik8 focuses on vitamin A-based anti-ageing creams and serums.
"The partnership with L'Oreal will allow Medik8 to deepen its presence in existing markets and expand globally. As part of the transaction, Inflexion will retain a minority shareholding in Medik8," the private equity firm said in a statement.
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L'Oreal's dermatological beauty division, which includes major brands like
CeraVe
,
La Roche-Posay
, and
SkinCeuticals
, has been its fastest growing in recent years, reaching revenues of 7 billion euros ($7.99 billion) last year, after growing almost 10% on the year before.
The business, which also has the highest profit margin among its four divisions, has boomed on growing consumer interest in science-backed products, though growth has slowed recently due to rising competition.
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L'Oreal executives said this year they were pursuing acquisitions and looking to revive flagging growth. The company acquired Korean skincare brand, Dr.G, in December and also bought a minority stake in Oman-based perfume house Amourage last year.
($1 = 0.8757 euros)
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