The acquisition of the millennial-focused cosmetics brand represents Estée Lauder’s biggest deal yet.
Cosmetics maker Estée Lauder Companies, Inc agreed to buy makeup brand Too Faced for about $1.45 billion in its biggest-ever deal, adding products such as Better than Sex mascara and Melted Matte lipsticks that are popular among millennials.
Cosmetics maker Estée Lauder Companies, Inc agreed to buy makeup brand Too Faced for about $1.45 billion in its biggest-ever deal, adding products such as Better than Sex mascara and Melted Matte lipsticks that are popular among millennials.
Founded in 1998, Too Faced is one of the many growth-oriented brands that have sprung up to cash in on the struggles of some older rivals to capture the interest of millennial shoppers.
California-based Too Faced is expected to have sales of more than $270 million in 2016, representing a growth of more than 70 percent for the year, Estée Lauder said on Monday.
Too Faced, whose co-founders Jerrod Blandino and Jeremy Johnson started their careers behind the counters of the Estée Lauder brand, also sells its products at retailers such as Sephora, Debenhams and Macy’s Inc.
Estée Lauder, which is buying Too Faced from private equity firm General Atlantic LLC, said it expected the deal to close in December. Last month, ELC also closed a deal to buy Becca Cosmetics (see story).
