L’Oreal Buys Commerce Cosmetics FirmWednesday, June 18, 2014
Paris cosmetics giant L’Oreal is buying Nyx Cosmetics of Commerce, the companies announced Wednesday.
Nyx was founded by South Korean immigrant Toni Ko in 1999 and focuses on selling affordable cosmetics such as $10 eyeliner and foundation. The name is a reference to a Greek goddess.
The company has been growing rapidly. Revenue increased 57 percent for the year ended May 31 to $93 million, Nyx said in the announcement today. Terms of the deal were not disclosed. Scott Friedman will continue as chief executive.
Ko, now the company’s chairwoman, said she expects L'Oreal to keep her brand’s sense of style.
“Nyx has seen tremendous growth in the last decade and I have complete confidence that L’Oreal will remain true to its brand identity and mission,” Ko said in the statement.
L’Oreal’s other U.S. brands include Maybelline NY, Kiehl's and Urban Decay.