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Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)
A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)
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Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)
A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)

Bottega Veneta has rented a historic palace in the center of Milan that will house the new offices of the brand owned by luxury goods group Kering, real estate asset management company COIMA SGR said.

Milan attracts the bulk of office investments in Italy but prospects for the sector are uncertain as companies reassess working policies in the aftermath of the COVID-19 pandemic.

Bottega Veneta has signed a 12-year contract to lease 10,000 square meters in the 19th-century Palazzo San Fedele, located between the city’s Duomo cathedral and La Scala opera theater.

COIMA SGR purchased Palazzo San Fedele on behalf of the Qatar Investment Authority’s Italian Property Fund.

Renovation works will start at the end of April.

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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)
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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.