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Investing.com -- L'Oréal (PA:OREP) S.A., the world largest cosmetics company, bolstered its vast inventory of unique, distinctive beauty products on Friday with the acquisition of IT Cosmetics.
On Friday afternoon, the Paris-based cosmetics giant announced that it came to terms on a definitive agreement to acquire the Jersey City, New Jersey-based beauty brand for $1.2 billion in cash. Founded only eight years ago, IT Cosmetics was developed by top plastic surgeons nationwide to help empower women with top of the line skincare and makeup products. IT Cosmetics offers more than 300 beauty products, ranging from color cosmetics and skincare items to brushes and tools, the company said in a statement.
"IT Cosmetics shares L'Oréal's passion for product innovation and our belief that offering beauty for all is a deeply purposeful mission," said Frédéric Rozé, President and CEO of L'Oréal USA. "The brand has earned the devotion of its highly engaged consumers and we see potential for significant growth in the years to come."
IT Cosmetics, which was founded in 2008 by Jamie Kern Lima and Paulo Lima, will become part of the Luxe Division of L'Oréal, the companies said. The brand will continue to operate out of its Jersey City, New Jersey headquarters under the current leadership team, IT Cosmetics said.
"At IT Cosmetics our mission is to make the world more beautiful through our products, through our actions and through our belief that every woman is beautiful and deserves to feel her most beautiful," said Jamie Kern Lima, Co-Founder & CEO, IT Cosmetics.
"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," Lima added.
Shares in L'Oreal closed Friday's session at €174.55, up 1.20 or 0.69%.
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