L'Oreal picked as preferred bidder for stake in South Korea's Nanda

French cosmetics group L’Oreal has been picked as the preferred bidder to buy a 70 percent stake in Nanda, a South Korean operator of online fashion and cosmetics bands, in a deal estimated at about 400 billion won ($375 million), Korea Economic Daily said on Tuesday, citing investment banking sources.

The proposed acquisition is aimed at beefing up L’Oreal’s presence in China’s cosmetics market, the report said.

Nanda officials were not immediately available for comments.