Clichy, New York July 22, 2016 – L’Oréal announced today the signing of a definitive agreement for the acquisition of IT Cosmetics , the a selective American brands Beauty which is the fastest growing sector, for a cash consideration of 1.2 billion US dollars. Founded by Jamie Kern Lima and Paulo Lima and co-owned by TSG Consumer Partners, IT Cosmetics has been developed in collaboration with renowned plastic surgeons to offer innovative products in skincare and makeup for women to feel beautiful and in trust.
IT Cosmetics offers over 300 high-performance products for makeup and skin care as well as brushes and accessories. The multi-channel distribution model of IT Cosmetics includes selective US TV shopping channels like QVC and TSC, specialty shops as ULTA and Sephora, and the website of the brand. Over the past 12 months, IT Cosmetics has achieved a net turnover of US $ 182 million, up 56%.
“IT Cosmetics sharing the passion of L’Oréal for innovation and our belief that beauty for all is a fundamental mission ” has déclaréFrédéric Roze, CEO Americas Zone. “The brand has earned the loyalty of highly engaged consumers, and we see strong growth potential in the coming years. “
IT Cosmetics division will be integrated into L’Oréal Luxury Group.
“IT Cosmetics perfectly complement the brand portfolio of L’Oréal Luxe. The brand meets the growing demand for hybrid makeup and skin care. We are pleased to welcome IT Cosmetics within the L’Oréal dream team that includes other major beauty brands such as Lancôme, Kiehl’s, Yves Saint Laurent, Armani or Urban Decay “ said Nicolas Hieronimus, Vice-Chairman and CEO of selective Divisions.
IT Cosmetics will continue to operate from its headquarters in New Jersey under the direction of the current team.
“The mission of IT Cosmetics is beautifying the world through our products, our actions and the belief that every woman is beautiful and deserves to feel in top beauty, ‘ said Jamie Kern Lima, co-founder and CEO of IT Cosmetics. “Our care products for skin and our makeup do not just change the game by their innovative nature, they are also changing the lives of women worldwide. The international power of the L’Oréal group will enable us to accelerate our development. We are absolutely delighted. “
The closing of the acquisition is subject to obtaining the agreement of regulatory authorities.
About L’Oreal For more than 105 years, L’Oréal is dedicated to the art of beauty. With an international portfolio of 32 diverse and complementary brands, the Group achieved in 2015 a consolidated turnover of 25,26milliards Euros and 82 900 employees worldwide. global beauty leader, L’Oréal is present in all distribution channels: the mass market, department stores, pharmacies and drugstores, hair salons, travel retail, brand boutiques and the e-commerce.
L’Oréal is based on excellence in research and innovation and 3870 researchers to meet all beauty aspirations in the world. Through its “Sharing beauty with all” L’Oréal has made ambitious commitments to sustainable development throughout the value chain, in 2020. www.loreal.fr
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