Target Corp. Minneapolis) has agreed to acquire DermStore Beauty Group (El Segundo, Calif.), the second-largest beauty e-commerce seller in the U.S., for an undisclosed amount.
Women’s Wear Daily reported that DermStore – the parent of DermStore.com, HairEnvy.com and Blush.com – will continue to operate its sites as a separate entity.
Earlier this year, DermStore ceo Dan Obegi told WWD that the company was on pace to generate at least $100 million in 2013 revenues.
Obegi will serve as president of DermStore.com, as a wholly-owned subsidiary of Target, and report to Casey Carl, Target’s president of multichannel and senior vp, enterprise strategy.
“There is no doubt that the online beauty industry is growing rapidly, and this unique opportunity enables Target to gain insight into the superior, online customer experience DermStore provides,” Carl said. “Not only will DermStore’s 750-plus brands offer Target expanded breadth across the beauty and skin-care industries, but also access to exceptional content and helpful resources we know consumers want.”