NEW YORK, United States — L’Oreal SA agreed to acquire IT Cosmetics for $1.2 billion in cash, adding more than 300 skin-care and makeup products to its lineup.
IT Cosmetics, backed by TSG Consumer Partners, will become part of the Luxe division of L’Oreal, according to a statement on Friday. IT will continue to operate out of its Jersey City, New Jersey, headquarters.
L’Oreal is turning to IT Cosmetics to help spur growth. The business, which was founded in 2008, posted a sales increase of 56 percent to $182 million in the 12 months ended in June, according to the statement. IT Cosmetics sells its products through QVC and the Shopping Channel, as well as retailers such as Ulta and Sephora.
“The brand has earned the devotion of its highly engaged consumers and we see potential for significant growth in the years to come,” Frederic Roze, head of L’Oreal USA, said in the statement.
By Nick Turner; editors: Nick Turner and Kevin Orland.