For beauty business news, beauty store owners turn to Beauty Store Business. Beauty business trends, beauty business profiles and more!
Issue link: http://beautystorebusiness.epubxp.com/i/723300
60 October 2016 | beautystorebusiness.com News L'ORÉAL SET TO ACQUIRE IT COSMETICS International beauty company L'Oréal has signed an agreement to acquire IT Cosmetics, one of the fastest-growing prestige beauty brands in the United States, for a cash-purchase price of $1.2 billion. The prestige brand will become part of L'Oréal's Luxe Division. IT Cosmetics was founded in 2008 by Jamie Kern Lima and Paulo Lima, and is co-owned by TSG Consumer Partners. The cosmetics brand was developed with leading plastic surgeons to provide women with innovative, problem-solving skincare and makeup products designed to empower them to feel confident and beautiful. "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 USA. "The brand has earned the devotion of its highly engaged consumers, and we see potential for significant growth in the years to come." The brand offers more than 300 high-performance beauty products focusing on color cosmetics, skin care, brushes and tools. Its multi-channel distribution model includes select television shopping channels, including QVC and TSC, specialty stores like ULTA and Sephora and the brand's website. The brand posted net sales of $182 million, up by 56%, ending June 2016. "IT Cosmetics will perfectly complement the L'Oréal Luxe brand portfolio to satisfy the rising demand for makeup as well as hybrid skin care. 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. The brand will continue to operate out of its Jersey City, New Jersey, head- quarters under the current leadership team. "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, cofounder & CEO of IT Cosmetics. "Our makeup and skincare products are not only game-changing in their innovation, they are also life-changing for real women everywhere. Partnering with L'Oréal and utilizing the power of their global infrastructure will help us scale our mission in an even bigger way and we couldn't be more excited." Top let Image courtesy of Pixi, top right image courtesy of LÕOrŽal, bottom image courtesy of Mitch Stone Essentials NEW VP JOINS PIXI & POP Pixi has appointed Felix Strand as vice president of POP Beauty and Pixi Beauty by Petra, which are available in Target stores nationwide. Strand grew up witnessing the growth of Pixi, the family-owned business his mother Petra created more than 15 years ago. Strand earned his bachelor's degree in busi- ness administration from Chapman University. Using his acquired busi- ness acumen, he has helped solidify Pixi's position in the beauty industry. Pixi Beauty has blown up in the past couple of years, thanks to the innovative digital and social cam- paigns lead by Strand. Women of all ages love the masstige cosmetic and skincare line for its youth-enhancing, skin-loving and multitasking products designed to bring out the natural beauty in every woman without break- ing the bank. POP Beauty cosmetics play with lively colors, pop culture and ground- breaking formulas. POP is the adven- turous and daring sister to Pixi, the soft and natural beauty option. Strand was born in Sweden and raised internationally between Swe- den, the United Kingdom and United States. He now lives in Southern California, where Pixi is headquar- tered. He is fluent in three languages and when he is not traveling all over the world on business, he enjoys playing soccer. MSE NEW HIRE Mitch Stone Essentials brought on David Genes as its new executive vice president on August 16. "We are thrilled to welcome Dave to the MSE family. His proven track record of suc- cess and industry knowledge will be an invalu- able asset for us as the brand enters its next phase in growth," said Chris Pelt, MSE CEO. Genes has 15 years of industry experience in the profes- sional beauty realm. Previously, Genes worked with ColorProof where he played an instrumental role in bringing it to the market, and most recently was general manager of sales and the product education at FUEL. Felix Strand David Genes