International beauty company L'Oréal has signed an agreement to acquire IT Cosmetics, one of the fastest-growing prestige beauty brands in the United States, for a cash-purchase price of $1.2 billion. The prestige brand will become part of L'Oréal’s Luxe Division.
IT Cosmetics was founded in 2008 by Jamie Kern Lima and Paulo Lima, and is co-owned by TSG Consumer Partners. The cosmetics brand was developed with leading plastic surgeons to provide women with innovative, problem-solving skincare and makeup products designed to empower them to feel confident and beautiful.
"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."
The prestige beauty brand offers more than 300 high-performance beauty products focusing on color cosmetics, skin care, brushes and tools. Its multi-channel distribution model includes select television shopping channels, including QVC and TSC, specialty stores, including ULTA and Sephora, and the brand's website. The brand posted net sales of $182 million, up by 56%, ending June 2016.
"IT Cosmetics will perfectly complement the L'Oréal Luxe's brand portfolio to satisfy the rising demand for makeup as well as hybrid skin care. 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," said Nicolas Hieronimus, president L'Oréal selective divisions.
The brand will continue to operate out of its Jersey City, New Jersey, headquarters under the current leadership team.
"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 of 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."
[Image courtesy of IT Cosmetics]