The beauty firm solidified the acquisition late Tuesday for what Women’s Wear Daily estimates to be $500 million. Known as the “MAC of mass,” the brand has been a beacon for creative and socially savvy makeup mavens on a budget since its start in 1999. NYX has boasted big growth over the past few years, recently jumping 46 percent in 2013. “NYX is a dynamic company that has done a tremendous job of harnessing the power of social media, digital marketing and multichannel distribution,” Frédéric Rozé, president and chief executive officer of L’Oréal USA, told the trade. “Both L’Oréal and NYX share a passion for innovation and a confidence in the strength and vitality of the color cosmetics market.”
NYX is the latest in a string of sales for L’Oréal, which recently snapped Magic Holdings (makers of Chinese facial masks), as well as Decléor and Carita. We’ve seen how big of a boost the beauty brand can offer, thanks to Urban Decay’s Naked craze sparked by the cult-favorite eye palette. So we’re sure NYX is in good hands. “NYX has seen tremendous growth in the last decade and I have complete confidence that L’Oréal will remain true to its brand identity and mission, which is to provide high quality, innovative professional cosmetics for women around the world,” Toni Ko, chairman and founder of NYX, said in a statement.
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