Cargo cosmetics will be closed for a year, ending a 13-year run that began in 2000 when a former beauty queen won a cosmetics contest.
The company was based in Sydney, with its Sydney headquarters in the CBD.
The sale was expected to close in the second half of 2018, but Cargo has not announced the exact closing date.
Benefits chief executive officer Kate Smith said the company had a long history and a strong commitment to quality in the cosmetics industry.
“We are thrilled to be part of the Cargo family, which is built on our strong community, community partnerships, and a long tradition of creating a place where everyone can be their best,” she said.
Benefit cosmetics has been in operation since the late 1960s, with a team of more than 300 workers making cosmetics across the country.
The former beauty champion won a contest that was a precursor to the US beauty contest and a $250,000 prize for winning the national beauty pageant.
The winning products were sold at beauty fairs and other beauty events.
“As we move into the second phase of our history, we will be closing our cosmetics business and we will work closely with our employees to ensure that they are well supported and continue to build on our legacy,” Ms Smith said.
“The benefit cosmetics business is not a one-stop shop, it is a diverse, inter-disciplinary business.
I believe that we have an excellent balance of products and services, and we have always supported our employees in making the best choices for their individual needs.”
Benefits has a long record of high-quality, low-cost products, including face creams, facial cleansers and skin care.
Its most successful products include face masks, eye creams and moisturisers.
It also sells cosmetics products in China, Europe and Asia.
It closed its cosmetics shop in Sydney in 2018 and said it would close its Sydney factory and its Melbourne and Adelaide offices in 2019.
Cargo cosmetics was sold to Melbourne-based cosmetics company Cargo Cosmetics.
The move was welcomed by the company’s former beauty contest winner.
“I was so proud that Benefit cosmetics is closing, I will miss it dearly,” Ms Terra said.
It was the first time Benefit had closed a business for more than a decade, and it will be the last time Benefit will make cosmetic products.
Benefives chief executive Kate Smith told news.com.au the business was a “long history and strong commitment” to quality and a “strong community”.
“It’s a big loss for the community,” she told news-com.ai.
Ms Terra also thanked the cosmetics community for the support and support of her former colleagues.
“It has been such a great support system and really really has been a good, great time.
I know it was a lot of work, but I’m so proud of what we achieved together.”
Ms Terreas daughter is one of Benefit’s five founders, and the beauty contest was her only real job.
Ms Smith said Benefit was proud of the success of its products and believed it had achieved “a lot”.
“We’re looking forward to the future and it’s going to be a really exciting one,” she added.
The benefit cosmetic business was valued at more than $5 billion.