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Poland's Largest Fashion Retailer LPP Optimistic on Third-quarter Sales

People walk outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
People walk outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
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Poland's Largest Fashion Retailer LPP Optimistic on Third-quarter Sales

People walk outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
People walk outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights

Poland's largest fashion retailer LPP said its revenue could increase by more than 20% year-on-year in the third quarter, in an upbeat outlook that coincided with unexpectedly weak official data on the country's retail sales.

Polish retail sales fell 3.0% year on year in September, statistics office data showed on Tuesday, which analysts attributed to slowing real income growth and last month's floods knocking consumer optimism, Reuters reported.

"Yesterday's data was actually a bit surprising... because what we see in August, September and also after most of October is in a completely different direction," LPP Financial Director Marcin Bojko told journalists.

LPP's third quarter runs from August to October.

Bojko said the company was also optimistic about the fourth quarter.

LPP's shares were up 1.8% at 1431 GMT.

In September, LPP confirmed its full-year revenue target of 20-21 billion zlotys.

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Fashion

Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)

French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.

An announcement could be made as soon as Monday, one of the people said.

A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.

Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018.

In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.

Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.

Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.

Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.

A spokesperson for Alantra declined to comment.

Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.