‘Naked’ beauty brand Kylie Cosmetics to sell its assets to cosmetics giant Catrice for $25M
The New York Times reported Thursday that Naked cosmetics will sell its brands to cosmetics giants Catrice and Estee Lauder, which is expected to pay $25 million for the assets.
The deal is expected close in the second half of 2018.
The assets include retail stores, beauty and fashion brands, as well as makeup and accessories.
Catrice will use the proceeds to build new cosmetics and makeup products for women and men.
The New Yorker reported earlier this month that the two companies have been working together for several years on a new cosmetics line.
The company has more than 20,000 employees and was founded in 2011.
The Los Angeles Times reported last month that Kylies cosmetics, owned by beauty brands Kylie Cosmetica, Kylie, and Beauty & Makeup, was valued at $1.4 billion.
The cosmetics company also owns and operates Kymco Cosmetics, which has about 1,300 stores in the U.S. The news of the sale comes just weeks after Catrice announced it would be selling its cosmetics portfolio, which included Kylie’s, to the global cosmetics group LVMH.
The announcement was made on July 19.
Kymcosmetics was founded by three former employees of Kylie.
Catrrice said in a statement that it would make the sale “to strengthen its position in the emerging market for beauty products and services.”
Catrice has been a pioneer in the cosmetics industry.
The group has over 400,000 brands, including Kylie cosmetics, makeup, skincare and hair products, and has about 6,000 distribution locations in more than 170 countries.