Lush and its sister brands, L’Oreal and Neiman Marcus, have recently been embroiled in an online bidding war for a major share of the fashion market.
In November, Lush announced that it had agreed to buy the fashion brand L’Oréal for $1.7 billion.
It also announced that L’Amour, a high-end luxury fragrance, was also in talks with NeimanMarcus for a $1 billion sale.
This latest deal comes as Lush is looking to expand its cosmetics business and expand its makeup line, which it bought in 2013 for $4.8 billion.
But it is not the only cosmetics company looking to enter the jewelry business.
On Tuesday, Chanel announced it was interested in buying L’Etoile cosmetics company for $500 million.
That deal is reportedly worth $1 million a share, though it is unclear how much L’ Etoile will be worth.
Chanel, which has been looking for an acquisition target for some time, has been in talks for several years with a number of companies.
In a letter to investors last month, it said that it is currently working with four potential acquirers, including L’Ange, which makes high-fashion perfumes, and Ciate, which produces high-performance hair and beauty products.
Ciate was also behind the L’Avenir perfume and the luxury cosmetics label Bespoke, and it also owns an 18 percent stake in the luxury lifestyle brand JCPenney.
Chanels CEO, Pascal-Emmanuel Léger, said that the acquisition is part of the company’s broader strategy to expand into the fashion industry.
“We are investing in L’Occitane, our own cosmetics brand and our high-quality cosmetics division,” Légers said in a statement.
“In the future, we are looking to add more high-value brands, including to our luxury portfolio.
We are very focused on our cosmetics and on our growth strategy.”
In a statement, Chanels’ CFO, Alain Tignous, said the company is in talks to finalize a deal that will bring L’ Occitane to the Chanel portfolio.
“Today, L,Oreal, and Neumann Marcus have joined forces in a powerful and strategic merger,” he said.
“Together, they are now the largest beauty brands in the world.”
Chanel’s announcement comes as the market for luxury cosmetics continues to grow and as fashion continues to be a key part of this growth.
As the industry has grown, so have the prices of luxury cosmetics.
For example, the brand Lululemon Athletica, which recently reported a $3.4 billion loss, has experienced a spike in the last year as its products have become more expensive.
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