NEW YORK — L’Oréal USA, the New York-based subsidiary of beauty products giant L’Oréal S.A., has signed an agreement to acquire Queens, N.Y.-based Essie Cosmetics Ltd.
Founded in 1981 by current president Essie Weingarten, Essie Cosmetics offers a line of nail colors, nail treatments, nail accessories, spa products and lip glosses. The company, with headquarters in Astoria, N.Y., had $28 million in net sales over the last 12 months, according to L’Oréal.
"This strategic acquisition will enable L’Oréal to increase our share in the nail color and care market, which has seen significant growth year over year," Frederic Rozé, L’Oréal USA president and chief executive officer said in a statement Wednesday.
L’Oréal said the acquisition is expected to be completed in 60 to 90 days, pending U.S. and international regulatory approvals. Weingarten and Essie Cosmetics CEO Max Sortino will continue to play a pivotal role in the business under a multiyear agreement, L’Oréal reported.
"It’s a perfect match," Weingarten commented about the deal, terms of which weren’t disclosed. "This acquisition presents a tremendous opportunity to allow the Essie brand to grow even stronger. With Max and me as part of the team, we will be able to provide our customers with a greater level of service as we take the brand to new heights."
