L’Oreal has acquired fan-favorite It Cosmetics for a reported $1.2 billion in cash.
The makeup and skin-care brand will become part of the Luxe division at L’Oreal and will continue to operate out of its Jersey City, NJ, headquarters under the current leadership team.
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“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.
Update: IT co-founder Jamie Kern Lima has addressed the sale on social media saying, “This partnership will allow us to utilize the amazingly strong infrastructure at L'Oreal to grow and spread the IT Cosmetics message in an even more powerful way and to get our life-changing products into the hands of even more real women across the globe! I will remain the CEO of IT Cosmetics, and I can assure you that the integrity and quality of our products, our commitment to being completely #crueltyfree and our commitment to #givingback in a big way will remain 100% intact and true to IT!”