Target (NYSE:TGT) has announced plans to further expand its beauty business by acquiring skin-care company DermStore Beauty Group.

While DermStore will continue to operate as a separate entity, complete with its website, the company will become a wholly owned subsidiary of Target when the transaction closes. DermStore CEO Dan Obegi will report to Casey Carl, Target's Multichannel president and senior vice president.

Carl hopes the acquisition will allow Target to take further advantage of the rapidly growing online beauty industry, thanks to what he calls the "superior online customer experience DermStore provides." The transaction is expected to close within 60 days. Financial terms are not being disclosed.

"Not only will DermStore's 750-plus brands offer Target expanded breadth across the beauty and skincare industries," Carl said, but it will also give Target "access to exceptional content and helpful resources we know consumers want."