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The L'Oreal Group announced yesterday it had signed an agreement to acquire the major Chinese skincare brand Mininurse, to gain quick access to China's mass market.

Launched in 1992, Mininurse has become one of the top three skincare brands in China, with 5 per cent of the market share. It is expected to achieve sales of 40 million euros (US$48 million) this year.

Besides the brand, the French cosmetics giant also purchased Mininurse's manufacturing facility in Yichang, Central China's Hubei Province as well as sales channels and management systems, explained Paolo Gasparrini, general manager of L'Oreal China.

But he declined to disclose the money involved in the transaction.

Mininurse is a mass-market brand and is distributed throughout 280,000 outlets across the country.

Certain conditions must be met before completion of the transaction, which is subject to the approval of the Chinese authorities.

Gasparrini said the deal will be finished during the fist half of 2004.

He believed the acquisition is a major step forward in L'Oreal's development in a market strategically important for the group.

"Aimed at young women with natural style, Mininurse complements our brand portfolio," the general manager said.

The L'Oreal Group has rolled out its core brands into the Chinese market: L'Oreal Paris in premium hair colour, Maybelline in make-up, Vichy in products sold in pharmacies and Lancome in selective distribution.

Coupled with Garnier, another brand similar in style to Mininurse, Gasparrini believes the move will help the group gain a greater market share.

L'Oreal China achieved a turnover of 113 million euros (US$138 million) in 2002. It maintained an aggressive 66 per cent sales growth in the first three quarters of 2003.

Mininurse was targetted by L'Oreal as it has an extremely high brand recognition rate in China. An ACNielson poll showed 90 per cent of Chinese know the brand, and for young people, the rate is higher at 96 per cent.

L'Oreal spent four years persuading Li Zhida, owner of Mininurse, to sell the brand.

Li, president of Shenzhen Raystar Co Ltd, said he will quit the cosmetics field since conditions for the acquisition demanded this of him.

Li said he is considering his next move which will likely be in the area of consumer goods.

The quickly growing Chinese cosmetics market, which has total market sales of US$1 billion, has witnessed many strategic steps taken by foreign giants.

Avon Inc, for example, announced in October it was planning to add another 500 boutiques to its sales network in China over the next few years and possible investment for new production bases.

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