On Friday, July 22, beauty giant L’Oréal announced that it had acquired the burgeoning prestige beauty brand It Cosmetics for a cash price of $1.2 billion dollars. It Cosmetics will be a part of L’Oréal’s Luxe Division.

Frédéric Rozé, president and CEO of L’Oréal USA, said in a press release, “It Cosmetics shares L’Oréal’s passion for product innovation and our belief that offering beauty for all is a deeply purposeful mission. The brand has earned the devotion of its highly engaged consumers and we see potential for significant growth in the years to come.”

It Cosmetics was founded in 2008 by Jamie Kern Lima and Paulo Lima, who developed the line to help treat and cover problem skin. It is sold on several television shopping channels, in beauty stores such as Sephora and ULTA, and on the brand’s website.

The brand will maintain its existing leadership team and headquarters in Jersey City, N.J.