L’Oréal could be poised to buy a 70 percent stake in K-beauty fashion and cosmetics line Nanda, according to a report published by Reuters.

The French beauty giant has been singled out as the preferred bidder, says Reuters quoting Korea Economic Daily, in the deal, which is valued at approximately KRW400 billion.

L’Oréal was among several multinational bidders, including Shiseido, LVMH and L Catterton, if rumors are to be believed. If successful, the French beauty giant will become one of several international firms to have invested in K-beauty brands, including The Estée Lauder Companies and Unilever.

L’Oréal’s interest in the budget K-beauty brand is said to be based on its popularity among Chinese shoppers, particularly tourists who routinely invest in the company’s 3CE cosmetics line while on holiday in Hong Kong or Tokyo.