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French cosmetics company L'Oréal announces its acquisition of IT Cosmetics, a US-based beauty brand, in a cash deal worth $1.2 billion. The purchase expands L'Oréal's product portfolio with over 300 beauty offerings from IT Cosmetics. With increasing net sales and a strong presence on various shopping channels and retailers, IT Cosmetics has experienced significant growth in recent years. L'Oréal's acquisition aims to strengthen its position in the global cosmetics market.
Friday, 22 July, 2016