The secret cosmetic company that went bankrupt last year has been acquired by another company that says it will make it all better.
Secret cosmetics is the largest beauty company in the world with a $300 million valuation, and its founder, Elizabeth Schoeler, was a key figure in the founding of L.A.’s first makeup and beauty brand, MAC Cosmetics.
But the deal to buy Secret is a big step forward for Schoellers company, which is trying to transform its image as a high-end beauty brand into one that makes high-quality products for everyday use.
Schoeller was also part of the team that led the first beauty products line that launched in L.T.A., the city’s luxury shopping mall.
Schoeller, who died in 2014, is survived by her husband, Steven Schoels, and daughter, Lauren Schoelters, who are now the sole directors of the company.
Scholters company, Secret, will now be known as the cosmetics division of Lala, a privately held company that also owns cosmetics company Lola.
Lala will take over Secret’s makeup business and make it even more affordable and accessible.
“Elizabeth’s vision and her vision for the company, and for the city of Laughlin, was to create a safe, affordable and beautiful place to shop, to shop with, and to shop for,” Lala CEO Rob Lopatowski said in a statement.
“Elizabeth’s legacy will continue to shape the makeup industry in the Laughlin community, and her talent and vision will continue serving L.L.A. for years to come.”
Secret has been making high-priced lipsticks, lipsticks and cosmetics since its inception in 2014.
Its products include a line called Beauty in the Bag, a collection of beauty products that is marketed to women with thin lips and an array of skin-care products including lip glosses, lip scrubs and moisturizers.
In a statement, Lala’s board of directors said it’s “extremely grateful for Elizabeth’s contributions to Lala and to the cosmetics industry as a whole.”
It’s the latest in a string of acquisitions in the cosmetics sector.
Last month, cosmetics maker L’Oreal bought cosmetics company Cetaphil for $4.5 billion.
In 2016, cosmetics giant L’Oréal acquired beauty and beauty products maker AmorePacific for $1.7 billion.
And in 2019, beauty brand Clinique merged with cosmetics brand L’oreal to become the largest cosmetics brand in the U.S. and one of the world’s largest.
Lala will also now have more options for the cosmetics business than it did before Schoells death, which meant that Schoelleers brand, which had grown to $1 billion in sales, would have a new home.
L’Orèal will have more control over Lala as a company, the company said.
But L’oreal will continue as a separate entity with an independent board of trustees that will oversee the makeup business, L’Occitane said in the statement.
Schooelers brand is a favorite of celebrities, including models, actors and athletes.
Scholters products are available at the top retailers such as Macy’s and JCPenney, and the brand has sold millions of bottles to high-profile celebrities, such as Kylie Jenner, Kate Upton and Kim Kardashian West.