NEW YORK —In a move to bolster its share in the nail color and care market, L’Oreal USA is looking to acquire the Essie cosmetics business, a nail brand that today boasts more than 300 shades and is available in more than 250,000 salons and spas in 95 countries.
Financial terms of the deal were not disclosed. The acquisition, which is subject to regulatory approval, is expected to be completed within 60 to 90 days.
Essie Weingarten founded Essie Cosmetics in 1981. Based in Astoria, N.Y., the company’s portfolio includes nail colors, treatments, accessories, spa products and lip glosses. Essie’s net sales through the last 12 months were $28 million.
“This strategic acquisition will enable L’Oreal to increase our share in the nail color and care market, which has seen significant growth year over year,” stated Frederic Roze, president and CEO of L’Oreal USA. Wein garten and Max Sortino, CEO of Essie, will continue to play a pivotal role under a multiyear agreement.
“It’s a perfect match,” Weingarten stated. “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.”