New York- cosmetics brand Il Makiage, has raised $29 million.
The investment came from L Catterton, which took a 35.8 percent stake in the company.
“We see significant opportunity to expand this successful formula in the United States by driving brand awareness and leveraging Il Makiage’s high-touch, experiential retail model,” Michael Farello, L Catterton Growth Fund’s co-managing partner, said in a statement.
As a makeup artist Ilana Harkavi launched the beauty brand in 1972, and it has since expanded with professional makeup. The brand’s products include face makeup, eyeshadows, lip colors, as well as makeup brushes, tools and kits.
Il Makiage operates branches in Rome, Israel and Paris that offer one-on-one makeup consultations and product matching. In addition, the company runs a various makeup artist academies.
The investment will be used to further expand the brand in the U.S. market and Il Makiage’s CEO Oran Holtzman has retained control of the company, Globes reports.
“Following the acquisition of ownership of the international Il Makiage brand, the current investment constitutes a major milestone in the brand’s global expansion plan” Holtzman said in a statement. “I have no doubt that the investment will enable us to realize our vision of positioning Il Makiage as a leading global professional cosmetics brand.”