French cosmetics group L’Oréal said on Wednesday that it had bought South Korean make-up and fashion firm Nanda, as industry leaders jostle for a slice of one of the world’s most dynamic beauty markets.

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L’Oréal did not disclose how much it had paid for the company, revealing only that Nanda, known for its fashion business Stylenanda and 3CE cosmetics brand, had a turnover of 127 million (US$152 million) in 2017.

The acquisition was estimated at around 400 billion won (US$371.56 million), Korean media previously reported.

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Foreign investors including LVMH, Estée Lauder and Unilever are among those betting on continued demand for Korean beauty products in Asian markets such as China, backed by the popularity of Korean pop culture.

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