PARIS — LVMH Moet Hennessy Louis Vuitton confirmed Tuesday that it has taken a controlling equity stake in Benefit Cosmetics, a San Francisco-based cosmetics company.
Jane Ford and Jean Ford-Danielson, the twin sisters who founded the company three years ago, will remain presidents and will own a minority stake along with co-shareholders and senior management colleagues Timothy Warner and Eric Jimenez. Benefit’s annual sales are estimated at about $20 million. Terms of the deal were not disclosed.
An LVMH spokesman said Tuesday that the acquisition was part of LVMH’s aggressive drive to build business in the U.S. by acquiring hot start-ups. Benefit is the third such acquisition; the others were Bliss and Hard Candy.
“We see Benefit being developed, particularly internationally via Sephora,” the spokesman said, referring to the LVMH-owned beauty retail chain.
Benefit, like the other two, becomes part of LVMH’s perfumes and cosmetics division, which is overseen by Patrick Choel.