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L'Oréal strikes deal to buy Urban Decay | |
(35 minutes later) | |
French beauty giant L'Oréal is attempting to raise its street cred with the acquisition of edgy makeup brand Urban Decay. | |
The financial details were not disclosed but it is thought L'Oréal paid $300-400m (£187-250m) for the California-based company, which is owned by private-equity firm Castanea Partners. | |
Urban Decay crashed on to the beauty scene in the mid-90s with eye-catching packaging and products with names like Stray Dog, an ash-brown eye-shadow, and the pale purple Asphyxia. | Urban Decay crashed on to the beauty scene in the mid-90s with eye-catching packaging and products with names like Stray Dog, an ash-brown eye-shadow, and the pale purple Asphyxia. |
The deal will give L'Oréal another entry into the fast-growing area of specialist brands, which it says represents 44% of the luxury makeup market in the US. | |
Nicolas Hieronimus, the L'Oréal Luxe president, said: "It is the makeup specialist we needed to fully satisfy young women in search of playful colours and inspiration, at an accessible price point." | |
Urban Decay makeup is sold through specialist retailers, such as Sephora, or online shops, but this deal will extend its reach across the globe. | Urban Decay makeup is sold through specialist retailers, such as Sephora, or online shops, but this deal will extend its reach across the globe. |
Tim Warner, the general manager of Urban Decay, said: "L'Oréal's strong innovation capabilities and presence in every channel of distribution will enable Urban Decay to reach its full potential in the marketplace." | Tim Warner, the general manager of Urban Decay, said: "L'Oréal's strong innovation capabilities and presence in every channel of distribution will enable Urban Decay to reach its full potential in the marketplace." |
French conglomerate LVMH Moët Hennessy Louis Vuitton bought Urban Decay in 2000, selling it to private equity three years later. | French conglomerate LVMH Moët Hennessy Louis Vuitton bought Urban Decay in 2000, selling it to private equity three years later. |
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