US. L’Oréal USA has announced the signature of an agreement to acquire Essie Cosmetics, a leading US nail polish brand. The terms of the deal were not disclosed.
Founded in 1981 by Essie Weingarten, the company has grown its original portfolio of 12 shades of nail lacquer to become one of the top salon brands. Today, the shade range tops 300, and the products are available in over 250,000 salons and spas in 95 countries.
Essie’s net sales through the last 12-month period were US$28 million. The acquisition will enable L’Oréal to increase its share in the nail colour and care market which has seen significant growth year over year.
The acquisition is expected to be completed within 60 to 90 days, subject to customary US and international regulatory approvals.
