LVMHA (NYSE:LVMH) has agreed to sell its cosmetics business to Voda, a major global cosmetics and personal care retailer.LVMHA’s deal includes the purchase of Vodacom’s consumer brands, including Lancome, Vodak and Burt’s Bees, for £1.7bn.

Vodavacom will retain its brands including Vodapro, Voda and Vemix.

The deal includes a commitment to develop new products, including a range of premium skin care products, with the goal of delivering “a sustainable future for our brand and our customers”.

The UK’s biggest cosmetics and beauty brand, which has been a key investor in LVMHE, said it hoped the deal would help its businesses grow globally.LVHM Chief Executive Andrew Taylor said: “LVMHE has been an exceptional place to work, and I’m proud of our commitment to our customers, our staff and our staff’s work.

This agreement will help us to better deliver our products, improve our global reach and increase profitability.”

This acquisition will allow us to deliver an exciting new generation of products that will deliver the level of value and care that our customers expect.”LVMHM said the sale will help strengthen its position in the consumer cosmetics market, where it competes with the likes of Estée Lauder, Urban Decay, Dior, L’Oréal, Guerlain and other well-known brands.

The company said it would retain its existing corporate structures, including its retail, wholesale and sales offices, and its international operations.LVC said it valued its brands and business value at approximately £6.2bn, and said it expects to be able to deliver a further £3.3bn of synergies from the transaction.

Voda is the world’s largest consumer goods retailer and a leader in beauty, skincare, hair care, household goods and fashion.

It has more than 200 stores worldwide, with about 40% of its revenue coming from the UK.