IT Cosmetics Co-Founders, President Exit L’Oréal
Co-Founder & CEO Jamie Kern Lima and Co-Founder & CEO Paulo Lima will exit L’Oréal next month, at the end of their contract. Eleven years after creating the IT Cosmetics brand together, and three years after L’Oréal’s acquisition of the brand, the duo will be replaced by L’Oréal veteran Patrick Kullenberg.
Since the acquisition by L’Oréal, which was estimated to be for nearly $1.2 billion, IT Cosmetics has become global, doubled in size and achieved the number-two position in makeup in the U.S.
“After fulfilling my three-year, post-acquisition commitment to continue my role as CEO of IT Cosmetics, and with the business doubling in size since the acquisition, the time has come to step away and into an exciting new chapter,” said Jamie Kern Lima, Co-Founder, IT Cosmetics.
Patrick Kullenberg will act as the new Global Brand President, according to Cyril Chapuy, President of the L’Oréal Luxe Division.