L’Oreal, the world’s leading beauty company has announced it’s plans to buy Essie Cosmetics LTD. Founded in 1981 by Essie Weingarten, a former buyer for Henri Bendel’s, the Queens, NY nail polish giant boasted $28 million in sales in 2009.
The cosmetics firm began its journey to the top offering 12 shades of polish and now offers a collection of over 200 stylish selections and has received a myriad of magazine awards. In addition to polish, Essie has expanded its business to include other products: nail treatments, accessories, cleansers and, even lip gloss.
The acquisition of Essie by L’Oreal is estimated to be completed in 60-90 days. Ms. Weingarten and current CEO Max Sortino will remain active in the company as part of a multi-year agreement. Frederic Roze, President and CEO of L’Oreal USA said, “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.”
Undoubtedly, much of the growth in said market has been thanks to the innovation of Ms. Weingarten whose nail polishes have become staples at spas and nail salons worldwide.
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