L’Oreal buys IT Cosmetics for $1.2 billion in cash

PARIS — L’Oreal SA agreed to acquire IT Cosmetics for $1.2 billion in its largest acquisition in eight years, adding more than 300 skin-care and makeup products to its lineup. IT Cosmetics, based in Jersey City, N.J., will become part of the Luxe division of L’Oreal as part of the all-cash transaction, according to a statement on Friday. L’Oreal is counting on the acquisition to help spur growth at a time when it’s facing a slowdown in parts of Asia and Latin America. IT Cosmetics, co-founded in 2008 by a former TV news anchor and a beauty-pageant winner, increased sales 56 per cent to $182 million the year ended in June. It sells through QVC and the Shopping Channel, and retailers such as Ulta and Sephora.