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L'oreal Buys Essie

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Essie, the Astoria, New York, based nail polish and nailcare company has been sold to L'oreal for an undisclosed amount. Depending on who you talk to, the nail varnish company sells between $28 million and $150 million worth of product each year—that's a lot of bottles of Ballet-Slipper-pink! Essie Weingarten, the founder of the company, has signed on to stay with L'oreal for several years. “This strategic acquisition will enable L’Oréal to increase our share in the nail color and care market, which has seen significant growth year-over-year,” Frédéric Rozé, president and chief executive officer of L’Oréal USA, said. [WWD]