PARIS — L’Oréal’s acquisition of Magic Holdings International Ltd., the Chinese maker of cosmetics facial masks, has been given the green light by China’s ministry of commerce, the companies said jointly Monday.
As reported in August, the deal is worth an estimated $840 million. It is expected to close during the second quarter of this year.
Facial masks are among the hottest growing categories in the Chinese beauty market. Magic Holding’s MG brand is one of the segment’s sales leaders.
Magic Holding’s revenues in its fiscal year ended June 30 were about 160 million euros, or $207 million at average exchange — up 25 percent in Hong Kong dollars versus the prior fiscal year.
L’Oréal said the MG brand complements L’Oréal’s Consumer Products Division in China, which manages two number-one-ranked brands locally, L’Oréal Paris in beauty and Maybelline New York in makeup. The two labels are also first in their respective product categories globally.