Co-founders Jamie Kern Lima and Paulo Lima have decided to leave the company three years after it was acquired by L’Oréal
Paulo Lima (left) and Jamie Kern Lima sold their brand to L'Oréal for US$1.2bn
The co-founders of cult beauty brand IT Cosmetics will leave the company this month.
Jamie Kern Lima and Paulo Lima, both CEOs of the make-up brand, will cut ties with their brand at the end of their contract and hand over full control to parent company L’Oréal.
L’Oréal acquired IT Cosmetics in 2016 for US$1.2bn and since the takeover the brand has doubled in size to reach the #2 position in the US selective make-up category.
Kern Lima said: “The time has come to step away and into an exciting new chapter.
“It’s been one of my life’s greatest honours and blessings so far, to start this brand in my living room, with the mission of shifting culture in the beauty industry to one where every woman sees her own beauty and own worth, where she looks in the mirror and only sees what’s right, which is everything.”
She added: “This beautiful brand, and our mission, will always be part of my heart and part of me, and going forward I will continue on in my role of biggest brand champion ever.”
TV anchor Kern Lima co-founded the brand 11 years ago, as a solution for her rosacea-prone skin.
Since the acquisition it has expanded globally, proving a hit with consumers looking for full coverage; it secured a retail deal with UK high street retailer Boots in June last year.
The brand will now be led by L’Oréal veteran Patrick Kullenberg, with the support of Cyril Chapuy, President of the L'Oréal Luxe Division.
Chapuy said: “I have the utmost respect and love for the magical brand Jamie and Paulo created.
“They will truly be missed and their vision and values will continue to be carried by the IT Team, many from the original founding team, under the leadership of Patrick Kullenberg, the new Global Brand President.
“Our pledge is to make IT Cosmetics the leading global ‘confidence building’ beauty brand.”