Estee Lauder, the-US based cosmetics firm, has announced that it is to buy make-up brand Too Faced in a deal worth approximately $1.45 billion.
Launched in 1998, Too Faced is described as offering “an unabashedly empowering line of cosmetic products for the eyes, face and lips” and as being “beloved for its high-quality, innovative formulas, irreverent product names and distinctive packaging”.
Estee Lauder notes that the firm, which is expected to reach more than $270 million in net sales in 2016, has developed an especially powerful social media profile, including 7.3 million Instagram followers, and has “built a vibrant community among millennials who are passionate about social media, fashion and pop culture”.
Commenting on the deal, Fabrizio Freda, president and chief executive officer of The Estee Lauder Companies, said: “Too Faced is one of the most dynamic makeup brands in the world. It has tremendous growth momentum in specialty-multi and online – important, strategic and fast-growing channels. With Too Faced, we see terrific opportunity for additional value creation through expansion in new and existing markets both in the U.S. and internationally, as well as in travel retail globally”.
The acquisition is expected to close in December 2016.
Source: Estee Lauder