DermStore Acquired By Target

Los Angeles-based DermStore Beauty Group, an online skin care e-commerce site which was part of Intelligent Beauty, has been acquired by retailer Target, Target announced today. Financial terms of the acquisition were not disclosed. According to Target, the move wil help it futher differentiate its offerings in the retail segment. Target said DermStore will become a new, wholly owned subsidiary of Target, and continue to operate under its own name. Dan Obegi, who is CEO of Dermstore, will head up Target's new subsiary. DermStore had been founded in 1999. Intelligent Beauty is backed by Technology Crossover Ventures, CrossCut Ventures, and others.