L'Oréal Acquires Local Cosmetics Company In Kenya

L'Oréal acquired Kenya-based Interconsumer Products, the manufacturer of Nice & Lovely brand of cosmetics. According to the terms of the purchase deal, L'Oréal would buy the health and beauty business from Interconsumer Products owner Paul Kinuthia who retains the diapers and sanitary businesses of the company. The deal was completed after Kinuthia transferred the beauty division to a new company and took over the division's debts. L'Oréal's purchase of the company is reportedly part of the cosmetics giant's focus on the low-end beauty market in Kenya.