ITV News understands that Jersey-based beauty retailer Feel Unique has been sold to cosmetics giant Sephora.
The deal, said to be worth £132 million, includes the online business and the three Channel Islands stores.
Feel Unique was founded in 2005 by Jersey entrepreneurs Richard Schiessl and Aaron Chatterley. It has grown to be one of the biggest beauty retailers in Europe, stocking brands such as Chanel, Dior and Clarins. There are currently two Feel Unique stores in Jersey and one in Guernsey.
Sephora, which has 2600 stores globally, is owned by French fashion giant LVMH.
ITV News has approached both parties for comment. More details are expected to be released in the coming days.