French luxury products giant LVMH Moët Hennessy Louis Vuitton has reached an agreement to acquire a 70%, controlling stake in Sack’s, a leading online retailer of fragrances, cosmetics and toiletries and one of the leading companies in the specialty beauty distribution sector in Brazil.

The acquisition of Sack’s will mark Sephora’s entry into the Brazilian perfumes and cosmetics market, one of the largest and fastest-growing beauty markets worldwide. It will enable Sephora, which is owned by LVMH, to develop its local platform, online and over time in stores. Sephora, a top beauty retailer in the U.S., will bring its experience, acquired in international markets and online beauty retailing, to help develop Sack’s business and increase its penetration among Brazilian beauty shoppers.

Founded in 2000, Sack’s carries over 270 brands, including the most famous ones, and its client portfolio comprises more than 830,000 customers. Sack’s is one of the top-three most frequently accessed pure-play e-commerce sites in Brazil, with 4 million unique visitors each month.

“Being acquired by LVMH and Sephora is an exceptional confirmation of Sack’s great success and opportunities for significant, ongoing growth. We look forward to benefitting from Sephora’s global beauty industry knowledge to further enhance the experience we offer and continue to realize the enormous potential of our company as we open a new chapter of our story,” says Carlos André Montenegro, co-founder and CEO of Sack’s.

“Carlos André and his partners have developed a great, profitable, business with true entrepreneurial spirit. We are proud to join them and contribute to the next phase of Sack’s development. Brazil and, to a larger extent, South America are very promising countries for luxury goods. LVMH has been present there since 1973 and holds a leadership position in prestige beauty as well as in other segments of the luxury market. The opportunity is formidable,” adds Antonio Belloni, group managing director of LVMH.

Montenegro and his partners, Albatroz Participações and Marcelo Franco, will continue to hold a 30% stake in Sack’s. The current management team, led by Montenegro, will remain in place and Sack’s will continue to be based in Rio de Janeiro.