Mega beauty brand L'Oreal is buying Essie, the 29-year-old nail varnish company that, over the last few years, has upped its profile by distributing fashion-forward colors at just $8 a bottle.
L'Oreal, a public company that also owns brands like Kérastase and Kiehl's, said that it wouldn't disclose the terms of the deal. However, it did reveal that Essie sold about $28 million worth of nail polish in 2009.
Will this change anything about Essie? Probably not much, although we're sure L'Oreal will up the brand's distribution outside of nail salons. Essie's main competitor, OPI, is in every CVS and Walgreens around. Essie is in some, but not as many. To match or exceed OPI's annual sales of $150 million, it's got to be available to more consumers.