L’Oreal, the French cosmetics giant, has announced the signing of a definitive agreement to acquire US firm IT Cosmetics for $1.2 billion in what is the firm’s largest acquisition in eight years.
According to L’Oreal, IT Cosmetics is one of the fastest growing prestige beauty brands in the United States, offering more than 300 high-performance beauty products focusing on colour cosmetics, skincare, brushes and tools, and had net sales of $182 million for the 12 months ending June 2016.
Commenting on the agreement, Nicolas Hieronimus, president L’Oreal 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’Oreal dream team which includes other great beauty brands such as Lancome, Kiehl’s, Yves Saint Laurent, Armani and Urban Decay”.
“Our makeup and skincare products are not only game-changing in their innovation, they are also life-changing for real women everywhere”, added Jamie Kern Lima, co-founder & CEO, IT Cosmetics. “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”.
IT Cosmetics will become part of the Luxe division of L’Oreal, and the brand will continue to operate out of its headquarters in Jersey City under the current leadership team, L’Oreal said.