Desiree Rogers and Cheryl Mayberry McKissack, owners of the Black Opal line of skin-care and beauty products, are now majority owners of Fashion Fair Cosmetics.

Fashion Fair, created by the late Eunice W. Johnson for Johnson Publishing Co. — and once the largest black-owned cosmetics company in the world — has been sold to investors that include Chicago Rogers and McKissack, who were Johnson Publishing executives. Hedge fund operator Alec Litowicz will hold a minority stake as a personal investment, Chicago Sun-Times reports.

The sale was approved last week in U.S. Bankruptcy Court as part of the Chapter 7 liquidation of Johnson Publishing assets, the report states.

“Fashion Fair is just too valuable for our community to lose,” Rogers said. “We plan to modernize the brand and products, but will remain true to the company’s roots, which was to create prestige products focused on women of color.”

Mayberry McKissack said they are considering a new capsule-collection developed with customer input.

“We want to know which of our products are favorites amongst members of our community and what other products they would like to see from the brand,” Mayberry McKissack said. “This conversation will be important as we breathe new life into this iconic brand.”

Johnson Publishing declared bankruptcy in April after the sell of Ebony and Jet publications.

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