L'Oréal finalizes the acquisition of IT Cosmetics
Clichy, New York - August 31, 2016 - L'Oréal announced today that it has finalized the acquisition of IT Cosmetics.
Founded in 2008 by Jamie Kern Lima and Paulo Lima, IT Cosmetics was developed with leading plastic surgeons to provide women with innovative, problem-solving skincare and makeup products.
IT Cosmetics now offers more than 300 high-performance beauty products focusing on color cosmetics, skincare, brushes and tools. For the 12 months ending June 2016, IT Cosmetics had net sales of 182 million US dollars, up by 56%.
IT Cosmetics will become part of the Luxe Division of L'Oréal.
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. As the world's leading beauty company, L'Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail, branded retail and e-commerce.
Research and Innovation, and a dedicated research team of 3,870 people, are at the core of L'Oréal's strategy, working to meet beauty aspirations all over the world. L'Oréal's new sustainability commitment for 2020 "Sharing Beauty With All" sets out ambitious sustainable development objectives across the Group's value chain. www.loreal.com
"This news release does not constitute an offer to sell, or a solicitation of an offer to buy L'Oréal shares. If you wish to obtain more comprehensive information about L'Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our Internet site www.loreal-finance.com.
This news release may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."
Mrs Stephanie CARSON-PARKER
Tel.: +33 (0)1 47 56 76 71
Mrs Françoise LAUVIN
Tel.: + 33 (0)1 47 56 86 82
Mr Matthew DIGIROLAMO (U.S. media)
Tel.: (212) 984-4133