L’Oréal USA just signed an agreement to acquire Essie Cosmetics, the ultimate nail colour authority in the US, founded in 1981 by Essie Weingarten, and mainly sold in American salons and spas.Essie’s net sales through the last 12-month period were $28 million.This 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 transaction, the amount of which has not been disclosed, is expected to be completed within 60 to 90 days.
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