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Enters South Korea with acquisition of Gowoonsesang.
August 20, 2018
By: TOM BRANNA
Editor
The Mibelle Group is entering the South Korean market following its retroactive acquisition of Seoul-based company Gowoonsesang Cosmetics Co., Ltd. effective as of June 29, 2018. With its “Dr. G” brand, Gowoonsesang specializes in dermocosmetics and fits perfectly with the Mibelle Group's international expansion strategy and brand portfolio. A purchase price was not disclosed.
The Mibelle Group is retrospectively acquiring the cosmetics company Gowoonsesang effective as of 29 June 2018 and with it the dermocosmetics brand “Dr. G.” This acquisition represents another milestone in the Mibelle Group's international growth strategy. “With the Dr. G brand, we are entering one of the most important international skin care markets. The Mibelle Group is also supporting the Migros Group's health strategy with new competency in dermocosmetics,” explained Luigi Pedrocchi, CEO of the Mibelle Group. The acquisition of Gowoonsesang secures the Mibelle Group's access to Asian markets, innovative technologies and business models, as well as synergies with its own projects.
The skin care market in Asia is growing at a rapid pace. As the world's eighth largest personal care market, South Korea is of particular interest to Mibelle. The country is considered a global pioneer with its K-Beauty trend and it has a high level of expertise in the beauty and healthcare sector. With the Dr. G brand the Mibelle Group is expanding its pan-Asian sales network, which is also very attractive for customers in Europe and North America, according to Mibelle.
Gowoonsesang Cosmetics Co., Ltd. was founded in 2000 and offers a range of dermatological cosmetics products and services. The “Dr. G” brand, represented by clinically trained dermatologist and company founder Dr. Gun-Young Ahn, has developed into a well-known beauty and skincare brand in Korea. Gowoonsesang is in a solid financial position and in 2017 generated turnover of 28 million Swiss francs. The company employs around 60 staff and exports to over 30 countries. The Mibelle Group is taking on all Gowoonsesang staff.
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