Essie is the latest nail polish hit in the nail polish world! Essie, a small nail polish company from Astoria, Queens, has hit the big leagues. The company is 29 years old, and sells its products at national drugstores and many retailer shops. Essie has been acquired by cosmetic giant L’Oreal USA. This acquisition is enabling L’Oreal to increase its share in the nail polish market; it has grown significantly year after year. The purchase should be complete within 90 days and is subject to US and international regulatory approvals. Essie has generated $28 million in sales over the last year. L’Oreal USA raked in about $24.7 billion last year. L’Oreal, which owns Maybelline, controls about 9.2% of the nail polish market, competing with Sally Hansen brand, which controls 45%, according to market research firm mintel US. Essie produces more than 300 different colors, has been growing and selling in more than 250,000 salons in 101 counties. US sales of nail polish were about $238 million in 2008, up 5.8% over the previous year. The firm believes that their sales in the category will increase only 0.4% to $239 million at the end of this year.
http://www.crainsnewyork.com/article/20100421/SMALLBIZ/100429960#
Safeya
As a consumer that likes the nail polish brand Essie I hold it to high standards. I hope that this acquisition still allows the company do what it does best and I hope that the quality does not change and only improves.
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