Younique is about to get a makeover.
As The Wall Street Journal reported, the company Coty, which owns CoverGirl makeup and Clairol hair dye, will soon purchase Younique, a Utah-based cosmetic company.
Younique, which also has a charitable foundation that aims to help victims of domestic and child abuse, has been around for four years and is worth close to $1 billion, WSJ reported. It serves more than 4.1 million customers and generates about $400 million in revenue, analysts report.
Coty plans to buy Younique at 60 percent for about $600 million. The company's founders, siblings Derek Maxfield and Melanie Huscroft, will still control 40 percent of the company, WSJ reported.
Maxfield will serve as the company's chief executive officer, while Huscroft will be the chief visionary officer, according to WSJ.
“Coty and Younique share a passion for beauty, an entrepreneurial spirit, as well as complementary missions,” Maxfield said, according to CFO.com.Comment on this story
Coty CEO Camillo Pane said the Younique founders are “tremendous entrepreneurs who have built one of the most engaging and fastest-growing e-commerce companies in beauty," WSJ reported.
For the uninitiated, Younique sells cosemtic products, like lipsticks, for $19, and mositurizers, for $39, through Facebook-orchestrated parties and viral marketing campaigns, according to Reuters.
Piper Jaffray analysts Stephanie Wissink and Lauren M. Wolff said Younique was "built specifically for mobile interaction, which has become the preferred shopping method for teens and millennials," according to CFO.
The deal will likely happen this year, according to Business Insider.