Fragrance company Coty is in talks to buy nail-polish maker OPI Products for about $1 billion, The Wall Street Journal reported.

A deal could be announced as soon as today, the Journal reported without naming its sources, which also said the talks could end without an agreement.

Coty has been hunting acquisitions in recent weeks. Last week, it said it would purchase beauty products company Philosophy for $1 billion from private equity firm Carlyle Group. Two weeks ago, Coty said it was buying Dr Scheller Cosmetics.

Demand for nail polish has increased since the financial crisis hit because women use nail polish as an inexpensive way to accessorize their outfits. In 2009, U.S. nail polish sales rose 11% to $462.9 million.

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