L’Oreal Group acquires IT Cosmetics for $1.2 billion

Cosmetics company L’Oreal has agreed to buy IT Cosmetics, a U.S. maker of beauty products for women with severe skin conditions, for $1.2 billion (£915.9 billion), the French firm said on Friday.

IT Cosmetics will continue to operate from its New Jersey base under its current leadership team, L’Oreal said in a statement. The all-cash deal is subject to regulatory approvals.