L'Oreal to Buy Nail Polish Brand Essie
Posted on April 21, 2010L'Oreal USA is buying popular nail polish brand Essie. Founded in Astoria, New York, by Essie Weingarten in 1981, the brand now generates around $28 million in net sales a year.
The deal will take two to three months to close, in order to comply with European and U.S. regulations. It's a good move for L'Oreal which will help expand its presence in the nail care market."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," stated Frederic Roze, president and CEO of L'Oreal USA.
Weingarten and Max Sortino, CEO of Essie, will continue to play a pivotal role under a multi-year agreement. "It's a perfect match," stated Weingarten. "This acquisition presents a tremendous opportunity to allow the Essie brand to grow even stronger. With Max and me as part of the team, we will be able to provide our customers with a greater level of service as we take the brand to new heights."