L'Oreal to buy US beauty products maker IT Cosmetics for $1.2 bn

French cosmetics giant L'Oreal yesterday struck a deal to buy US beauty products maker IT Cosmetics, for $1.2 billion in cash.

Post closing, IT Cosmetics will operate as an independent brand under the Luxe Division of L'Oréal, which has brands like Yves Saint Laurent, Ralph Lauren and Giorgio Armani.

Founded in 2008 by former TV news anchor and beauty-pageant winner, Jamie Kern Lima and her husband Paulo Lima and co-owned by TSG Consumer Partners, IT Cosmetics was developed with leading plastic surgeons to provide women with problem-solving skincare and makeup products.

The New Jersey-based company offers more than 300 beauty products focusing on color cosmetics, skincare, brushes and tools through multi-channel distribution model, including select television shopping channels, specialty stores, and its own website.

For the 12 months ending June, 2016, IT Cosmetics had net sales of $182 million.

"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 US. "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 will perfectly complement the L'Oréal Luxe's brand portfolio to satisfy the rising demand for make-up as well as hybrid skincare. 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.

"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.