IT Cosmetics Considering IPO

IT Cosmetics — a fast-growing problem-solution makeup brand — might be headed to the public markets. The company, which is partially owned by TSG Consumer Partners and Guthy-Renker, is interviewing investment banks to lead the process for a potential initial public offering, said an industry source. Talk about IT Cosmetics’ IPO aspirations follows reports earlier this week that the Procter & Gamble Co. may be weighing a move to take its beauty business public. P&G’s beauty brands dwarf IT Cosmetics, but the seven-year-old niche cosmetics company has been on a growth tear in recent years. Founded by former TV news anchor Jamie Kern Lima and her husband Paulo Lima, IT Cosmetics is now sold in all Ulta doors and on QVC. Several of its newest products include CC+ Liquid Lip Serum, CC+ Ombré Waterproof Bronzer and CC+ Veil. Its sales have rocketed in recent years. IT Cosmetics reached an estimated $200 million in retail sales in 2014, up from $81 million the prior year, according to industry sources. It is projected to hit $250 million by yearend. In the first quarter, the company filled two key management posts in a move one observer said could be a sign it is readying for an IPO. Robert Mihin was hired

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