French cosmetics giant L'Oréal S.A. (LRLCY) agreed Wednesday to acquire NYX Cosmetics for an undisclosed price tag in a deal that will boost its portfolio of offerings in the U.S. market at prices that are extremely affordable compared to some higher-end brands.
"NYX is a dynamic company that has done a tremendous job of harnessing the power of social media, digital marketing and multi-channel distribution. Both L'Oréal and NYX share a passion for innovation and a confidence in the strength and vitality of the color cosmetics market," said Frédéric Rozé, President and CEO of L'Oréal USA.
Los Angeles-based NYX Cosmetics, founded in 1999 by South Korean immigrant Toni Ko, is one of the fastest growing makeup artistry brands in the U.S. The maker of NYX Butter Lipstick and Glosses sells $6 blush and $10 eyeliner in more than 70 countries.
Following the closure of the deal, NYX Cosmetics will become part of L'Oréal's consumer products division, and will continue to operate out of Los Angeles under the brand's current leadership team, including Scott Friedman as CEO.
The deal will add to Paris-based L'Oréal's broad portfolio of American brands which include Maybelline NY, Kiehl's, Essie, Urban Decay and Clarisonic.
The closing of the proposed deal is subject to the usual regulatory approvals and other customary conditions.
NYX reported net sales of $72 million in 2013, up 46 percent from last year. The strong sales growth continues in to 2014, with the company generating sales of $93 million in the last 12 months ended May 31, up 57 percent from the same period last year.
"NYX has seen tremendous growth in the last decade and I have complete confidence that L'Oreal will remain true to its brand identity and mission, which is to provide high quality, innovative professional cosmetics for women around the world," said Toni Ko, Chairwoman and founder of NYX Cosmetics.
LRLCY closed Wednesday's regular trading session at $34.68, up $0.21 or 0.61% on a volume of 0.13 million shares.
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