By Josephine Moulds, guardian.co.uk
French beauty giant L'Oreal is attempting to raise its street cred with the acquisition of edgy makeup brand Urban Decay.
The financial details were not disclosed but it is thought L'Oreal paid $300-400m (£187-250m) for the California-based company, which is owned by private-equity firm Castanea Partners.
Urban Decay crashed on to the beauty scene in the mid-90s with eye-catching packaging and products with names like Stray Dog, an ash-brown eye-shadow, and the pale purple Asphyxia.
The deal will give L'Oreal another entry into the fast-growing area of specialist brands, which it says represents 44% of the luxury makeup market in the US.
Nicolas Hieronimus, the L'Oreal Luxe president, said: "It is the makeup specialist we needed to fully satisfy young women in search of playful colours and inspiration, at an accessible price point."
Urban Decay makeup is sold through specialist retailers, such as Sephora, or online shops, but this deal will extend its reach across the globe.
Tim Warner, the general manager of Urban Decay, said: "L'Oréal's strong innovation capabilities and presence in every channel of distribution will enable Urban Decay to reach its full potential in the marketplace."
French conglomerate LVMH Moët Hennessy Louis Vuitton bought Urban Decay in 2000, selling it to private equity three years later.
(c) 2012 Guardian Newspapers Limited.