French cosmetics firm L'Oréal is acquiring Gowoonsesang Cosmetics, the South Korean subsidiary of the Migros-owned Mibelle group, for an undisclosed sum. Negotiations for the sale of the remainder of Mibelle are ongoing. +Get the most important news from Switzerland in your inbox Last February, Swiss retail giant Migros had announced the sale of the Mibelle personal care and cosmetics brand as part of its refocusing on its core business. "Potential buyers are showing great interest", the group announced in a press release on Monday, adding that "offers have been made". + Swiss retailer Migros to shed jobs and sell off subsidiaries Migros expects to be able to announce the name of the new owner in the first quarter of 2025. For the time being, the company is convinced that L'Oréal "offers the best prospects for Gowoonsesang". The French group "has concrete plans to develop Gowoonsesang and has extensive experience in the Asian market", said Matthias Wunderlin, Head of Migros Industrie.
