Fragrance firm Givaudan announced on Monday it has acquired Italian beauty company B.KolorMakeup & Skincare, as the Swiss giant looks to strengthen its presence in the beauty industry.

Financial terms of the deal were not disclosed.

Founded in 2000, B.Kolor is headquartered near Milan, Italy, and designs and produces finished make-up and skincare products for consumer packaged goods, indie, and luxury goods brands. The company employs more than 300 people. 

“Joining Givaudan, the market leader, is a great opportunity to bring our businesses to new heights,” said Maria-Teresa Sancini, chairwoman of B.Kolor.

“Givaudan’s capabilities in creation, ingredients and technology will greatly support us in evolving our product offering, while benefiting from Givaudan’s customer base and geographical footprint to expand ourselves in new territories. We are very pleased to also share our unique creative design and production know-how with Givaudan to bring the products of tomorrow to life.”

Givaudan first acquired a 25% stake in B.Kolor in July, 2021. This next acquisition of the remaining 75% allows Givaudan to offer make-up formulations and further widens its capabilities for skincare applications, enlarging its value in the beauty sector, according to a press release.

“After three years of successful partnership with b.kolor, this is a great achievement for Givaudan to complete this acquisition, promising a very exciting journey,” said Maurizio Volpi, president of Givaudan’s fragrance & beauty.

“By sharing our creative and innovation capabilities, we will generate additional value to our respective customers by providing a complete offer combining high level of science with excellence in design.”

The B.Kolor business would have represented about 77 million Swiss francs, or $85.2 million, of incremental sales to Givaudan’s 2023 sales on a pro forma basis, the company added.