L'Oreal to buy Brazilian hair care group Niely Cosmeticos

Credit: Reuters/Benoit Tessier

The logo of French cosmetics group L'Oreal is seen on the company's building in Clichy, near Paris, July 24, 2014.

Financial terms were not disclosed.

Niely Cosmeticos Group had net revenue of around 140 million euros ($181 million) last year. Its products are distributed in supermarkets, pharmacies and perfume chains and are popular with Brazil's growing middle class, L'Oreal said in a statement.

(Reporting by Natalie Huet, editing by Astrid Wendlandt)

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