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L'Oréal to Buy Essie
Posted: April 21, 2010
L’Oréal USA, the New York-based subsidiary of L’Oréal S.A., announced it has signed an agreement to acquire the Essie cosmetics business, the iconic nail brand and ultimate nail color authority.
Essie Cosmetics, Ltd., was founded in 1981 by Essie Weingarten, who still serves as the company’s president. Based in Astoria, New York, the company offers a growing line of nail colors, treatments, accessories, spa products and lip glosses. Essie’s net sales through the past 12 months were $28 million.
“This strategic acquisition will enable L’Oréal to increase its share in the nail color and care market, which has seen significant growth year over year,” said Frédéric Rozé, president and CEO, L’Oréal USA.
Weingarten and Max Sortino, CEO of Essie, will continue to play a pivotal role under a multi-year agreement. “It’s a perfect match,” said Weingarten. “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.”
The acquisition is expected to be completed within 60 to 90 days, subject to customary U.S. and international regulatory approvals.