L'Oreal Netherlands opens trade to celebrate takeover IT Cosmetics
L’Oréal Netherlands, part of the Euronext Paris listed L’Oréal (ticker symbol: OR), recently announced the signing of the acquirement of IT Cosmetics, one of the fastest growing prestige beauty brands in the United States. IT Cosmetics, who had net sales of 182 million US dollars – up by 56% more than the year before, was purchased for a price of 1.2 billion US dollars. The largest purchase of L'Oreal in eight years is celebrated by sounding the gong at the Amsterdam exchange.
IT Cosmetics will become part of the Luxe Division of L’Oréal and adding more than 300 skin-care and makeup products to its portfolio. “IT Cosmetics shares L’Oréal’s passion for product innovation. With their ‘Problem Solving Beauty’ mission, IT Cosmetics is providing products whose primary purpose is to help with skin improvement. The acquisition of this unique brand allows us to respond even better to a particularly dynamic market of cosmetics. It is an excellent addition to our existing brand portfolio," says Florian Marrone, Market Director Luxe L’Oréal Netherlands.
L’Oréal has devoted itself to beauty for over 105 years. With its unique international portfolio of 32 diverse and complementary brands, the Group generated sales amounting to 25.26 billion euros in 2015 and employs 82,900 people worldwide.
For more information: www.loreal.com