Minneapolis -- Target Corp. announced plans to acquire online beauty retailer DermStore for an undisclosed sum.
The move will allow Target to further tap into the online beauty market, as well as continue its trend toward acquiring specialty businesses to ramp up its presence in various niche markets. In March, Target announced its acquisition of Chefs Catalog and Cooking.com in two separate transactions to create a subsidiary.
Once this latest deal closes in about 60 days, DermStore will become a new subsidiary that will continue to operate under its online name, DermStore.com, according to Target. Current DermStore CEO Dan Obegi will become president of the subsidiary under Target's ownership.