The parent firm of K-beauty budget brand Style Nanda is said to have received a series of letters of intent to bid for the brand, according to a report published by The Investor, quoting industry sources.

LVMH-backed L Catterton and Hong Kong-based Affinity Equity Partners are both said to be in the running for a 70 percent stake in the brand, valued at KRW500 billion, as well as a local department store chain. L’Oréal and Shiseido are also rumored to be among potential bidders.

The news follows a number of recent investments in Korean brands by multinational firms, including Unilever’s acquisition of Carver Korea and The Estée Lauder Companies’ investment in Dr Jart. L Catterton, meanwhile, has been systematically investing in Korean firms, including piling US$50 million into Clio.