L’Oreal finalises acquisition of IT Cosmetics

L'Oreal has confirmed the completion of its takeover of IT Cosmetics, which was announced back in July.

The company – which was founded in 2008 by Jamie Kern Lima and Paulo Lima – has now become part of L'Oreal's Luxe division. For the 12 months ending June 2016, it generated net sales of $182 million (135.57 million pounds), up by 56 percent year over year.

Following the $1.2 billion acquisition, the IT Cosmetics brand will continue to operate out of its existing New Jersey headquarters under the current leadership team.

Nicolas Hieronimus, president of L'Oreal's Selective Divisions, said: "We are happy to welcome IT Cosmetics to the L'Oreal dream team which includes other great beauty brands such as Lancome, Kiehl's, Yves Saint Laurent, Armani and Urban Decay."

The firm offers more than 300 high-performance beauty products, with its portfolio focusing on colour cosmetics, skincare, brushes and tools. It sells its products through TV shopping channels including QVC and TSC, as well as through specialty stores and its own website.

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