Estée Lauder completes billion dollar takeover of Too Faced
US cosmetics group Estée Lauder has officially completed its biggest acquisition in its history, by taking control of Too Faced, a make-up label popular with Millennials.
In November, Estée Lauder expressed its intention of buying the make-up label for a sum close to $1.45 billion (€1.35 billion). The acquisition will allow Estée Lauder to reach out to 20-35 year old consumers who are very active on social media, given that Too Faced has over 7 million followers on Instagram.
The label was founded in 1998 by Jerrod Blandino and Jeremy Johnson. Projected revenues for 2016 are pegged at $270 million, equivalent to a growth of more than 70% year-on-year.
John Demsey, Executive President of Estée Lauder, will oversee the Too Faced business.
Estée Lauder also owns Bobbi Brown, Clinique, Jo Malone and M.A.C Cometics, and has recently bought another US make-up label, Becca Cosmetics.
Copyright © 2022 FashionNetwork.com All rights reserved.