Korean fashion and cosmetics company Nanda has chosen L’Oreal as the preferred bidder for a 70 per cent stake, with the balance of shares staying in the hands of Nanda founder Kim So-hee.

The French cosmetics giant is reportedly paying KRW400 billion (US$375 million) for the deal with the hopes of strengthening its presence in the Asian cosmetics market, especially China.

Nanda late last year decided to sell the stake so it could expand further internationally.

Founded in 2005 as an online retailer, Nanda now has physical stores in Korea, Hong Kong, Indonesia, Thailand and Tokyo with its clothing line StyleNanda and cosmetics line 3CE.