Fashion Fair Cosmetics is getting ready to make a comback, the Chicago Tribune reports. 

The iconic makeup brand launched in 1973 – as nearly the only option for black women. Now, with new capital and investors, will Fashion Fair be able to compete — and appeal to a new generation of consumers?

Fasion Fair was launched by Ebony and Jet magazine publisher, Johnson Publishing. Now, the newspaper article states that last month, former Johnson Publishing executives Desiree Rogers and Cheryl MayberryMcKissack, with the help of Alec Litowitz, founder and CEO of Evanston-based hedge fund Magnetar Capital, acquired Fashion Fair for $1.85 million.

Plus — the group had already purchased Black Opal, a mass-market cosmetics brand for women of color. 

Rogers and MayberryMcKissack say they plan to “deliver products designed for black women by black women” — and launch new Fashion Fair products by this year’s holiday season. Stay tuned. 

Photos: via ebay