L'Oreal has signed an agreement to acquire Newport Beach based Urban Decay makeup brand from Castanea Partners. L'Oreal calls Naked Basics one of Urban Decay's star products. Urban Decay's popularity among young women is what attracted L'Oreal to the brand. The deal is expected to close by the end of 2012.
Nicolas Hieronimus, President L'Oreal Luxe, said in a statement, "Urban Decay will beautifully complement L'Oreal Luxe's portfolio of iconic brands. It is the make-up specialist we needed to fully satisfy young women in search of playful colors and inspiration in selective distribution, at an accessible price point."
The L.A. Times cites
Pablo Zuanic, an analyst at Liberum Capital, who says the purchase price was between $250 to $300 million.