2016-08-03 17:22:29

L'Oreal Purchases IT Cosmetics

2016-08-03 17:22:29

L'Oreal has reportedly agreed to buy IT Cosmetics, a U.S. brand featuring beauty products for women with severe skin conditions, for $1.2 billion.

IT Cosmetics will become part of the Luxe Division of L'Oréal.The brand will continue to operate out of its Jersey City, New Jersey headquarters under the current leadership team.

Nicolas Hieronimus, President L'Oréal Selective Divisions, said:"IT Cosmetics will perfectly complement the L'Oréal Luxe's brand portfolio to satisfy the rising demand for make-up as well as hybrid skincare. We are happy to welcome IT Cosmetics to the L'Oréal dream team which includes other great beauty brands such as Lancôme, Kiehl's, Yves Saint Laurent, Armani and Urban Decay."

Frédéric Rozé, President and CEO of L'Oréal USA, added, "IT Cosmetics shares L'Oréal's passion for product innovation and our belief that offering beauty for all is a deeply purposeful mission. The brand has earned the devotion of its highly engaged consumers and we see potential for significant growth in the years to come."

About the Brand

IT Cosmetics offers more than 300 high-performance beauty products focusing on color cosmetics, skincare, brushes and tools. The company was founded by Jamie Kern Lima and her husband Paulo, and has won multiple awards. The brand's multi-channel distribution model includes select television shopping channels including QVC and TSC, specialty stores including ULTA and Sephora, and the brand's website. For the 12 months ending June, 2016, IT Cosmetics had net sales of 182 million US dollars, up by 56%.

Kern Lima commented:  "Our makeup and skincare products are not only game-changing in their innovation, they are also life-changing for real women everywhere. Partnering with L'Oréal and utilizing the power of their global infrastructure will help us scale our mission in an even bigger way and we couldn't be more excited."
The closing is subject to the standard regulatory approvals and other customary conditions.

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