PARIS, Dec 23 (Reuters) - French cosmetics giant L'Oreal

said on Monday it had agreed to buy Gowoonsesang

Cosmetics, which includes South Korean skincare brand Dr.G.,

from Swiss retailer Migros.

The Korean beauty market is dominated by local brands known

for being among the world's most innovative, and increasingly

popular overseas as part of a trend for 'K-Beauty'.

Dr.G will meet rising demand for K-Beauty and effective yet

affordable skincare, L'Oreal said in a statement, adding that it

has a growing pan-Asian presence and global growth potential.

"We have been following the brand and its success for many

years and we look forward to accelerating its growth in South

Korea and the rest of the world," said Alexis Perakis-Valat,

global president of L'Oréal's consumer products division.

Reuters reported on Friday that L'Oreal and Migros were in

final talks on a deal. Migros announced a strategic review of

its Mibelle cosmetics group in February, saying it wanted to

find a new home for the owner of Gowoonsesang and other brands.

L'Oreal did not give a valuation for the deal, which comes

amid a slowdown in China, previously one of the fastest-growing

beauty markets.

In 2018, it acquired South Korean makeup firm 3CE.