Unilever announced that it has signed an agreement to acquire Hourglass, the luxury colour cosmetics brand.

Founded in 2004 by veteran beauty industry, Carisa Janes, Hourglass is known for innovation, luxury packaging and exceptional product experience. It is recognized for its innovative formulations and technology. The distinctive brand profile has guaranteed consumers loyalty.

“We are delighted to be adding Hourglass to our portfolio of Prestige brands. The colour cosmetics category has been showing high growth-rates, driven by social media content, channel diversity and democratisation of professional makeup techniques, and it therefore presents a significant opportunity. Hourglass is already a successful brand in this space, offering fantastic make-up products that also deliver skin care benefits, and we look forward to continuing to grow this wonderful brand,’ said Alan Jope, President Personal Care, Unilever.

“Unilever’s commitment to innovation and social responsibility is aspirational, and perfectly aligned with our vision for the future of Hourglass, “ said Carisa Janes, CEO Hourglass.

Terms of the deal were not disclosed. The acquisition is expected to close in Q3 2017, subject to customary regulatory approvals.