L'Oreal to Buy IT Cosmetics

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L'Oreal to Buy IT Cosmetics

By CGT Staff - 07/27/2016
French cosmetics firm L'Oral SA will acquire U.S.-based IT Cosmetics in a cash deal worth $1.2 billion. For the 12 months ended in June, IT Cosmetics posted net sales of $182 million, a 56% rise compared with a year ago, according to L'Oral.

IT Cosmetics will provide L'Oral a stable of 300 beauty products, available on shopping channels and through specialty retailers such as Ulta Salon Cosmetics & Fragrance and Sephora, as well as on the brand's website.

After the completion of the deal, IT Cosmetics is slated to become part of L'Oral's Luxe division and will continue to operate out of its Jersey City, N.J., headquarters under its current leadership. The closing of the transaction is subject to regulatory approval.