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France/US: L’Oreal agrees to $1.2bn acquisition

By  |  July 24, 2016

L’Oreal SA has agreed to acquire IT Cosmetics for $1.2 billion in its largest acquisition in eight years that will potentially add more than 300 skin-care and makeup products to its lineup.

L’Oreal is counting on the acquisition in North America to help spur growth at a time when it’s facing a slowdown in parts of Asia and Latin America. IT Cosmetics increased yearly sales up from about $1 million in 2010, to $182 million in the 12 months ended in June, according to a statement.

L’Oreal previously made its largest acquisition in 2008 when it bought YSL Beaute for $1.7 billion.

Full Content: Bloomberg

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