On Monday afternoon, Unilever announced it added another prestige brand to its portfolio, this time with the purchase Hourglass Cosmetics. Terms of the deal were not disclosed. The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.

Founded in 2004 by beauty industry veteran Carisa Janes, Hourglass is known for being a modern luxury beauty brand, combining innovation with luxe packaging and perhaps most importantly, using active ingredients in its complexion products. The brand’s first collection launched at Barneys New York more than 13 years ago and included Veil Fluid Makeup, a foundation that merged anti-aging formulas in a cosmetic.

Alan Jope, President Personal Care, Unilever, said, “We are delighted to be adding Hourglass to our portfolio of Prestige brands. The colour cosmetics category has been showing high growth-rates, driven by social media content, channel diversity and democratisation of professional makeup techniques, and it therefore presents a significant opportunity. Hourglass is already a successful brand in this space, offering fantastic make-up products that also deliver skin care benefits, and we look forward to continuing to grow this wonderful brand.”

Carisa Janes, CEO Hourglass, a former member of Urban Decay’s original creative team, added, “As the first colour brand in Unilever’s Prestige portfolio, we are excited about this partnership as Hourglass continues to challenge the status quo with high performance luxury cosmetics. Unilever’s commitment to innovation and social responsibility is aspirational, and perfectly aligned with our vision for the future of Hourglass.”

The brand is estimated to generate more than $50 million in wholesale revenue, and has a formidable retail presence, which includes Sephora, Nordstrom, a namesake flagship in Venice, Calif. and a growing distribution internationally.

In January, Hourglass launched Girl, a 20-shade Lip Stylo fronted by Jenny Shimizu, who rose to fame in the Nineties modeling for Calvin Klein CK1.