Hair care holder Marajo, a maker of gel and liquid hair care products, is closing its doors.
The company, which has been operating in the United States since 1999, announced its closure on Wednesday.
The closure comes amid a global trend of consolidation in the cosmetics industry.
Marajo has been owned by cosmetics giant L’Oreal since 2000.
According to the company, the closure of Marajo comes at the same time as the global economy has experienced its slowest growth rate in two decades.
“We want to thank our customers for their loyalty and support during this time,” said Marajo CEO Armin van der Meij.
The company’s main products include gel and lather products for the treatment of hair loss, and hair care holders, which are similar to gel but without the lather.
As the world’s top hair care brands, Marajo had been on the forefront of hair care innovation and innovation in hair care technology.
Marao was founded in 1999 and had a team of seven employees.
The company had an estimated annual revenue of approximately USD 5.5 billion.
The products include products that have been approved by the FDA for use in the treatment and prevention of hair disorders, as well as hair loss and facial care.
Despite the global consolidation, Marajos products still make up a sizeable portion of the cosmetics market.
Marajos gel and shampoo, for example, are sold in more than 60 countries.
In 2015, L’Oréal announced a $4.7 billion deal to buy Marajo for USD 1.9 billion.
L’Orèal is also buying cosmetics company Marajojessy, which is expected to be profitable in the near future.
While the company has a global presence, its main offices are in France and Italy.
For more information on the Marajajo closure, visit Marajajojes closure.
(Reporting by Andrea Pizzello; Editing by Frances Kerry)