Estee Lauder acquires Too Faced in a $1.45bn bet on millennials
The Estee Lauder Companies has acquired popular make-up brand Too Faced in a deal a $1.45 billion deal, believed to be it’s biggest yet.
Too Faced is acquired by Estee Lauder
The California based brand was launched in 1998 and is expected to have sales of more than $270 million in 2016, a considerable 70% growth from the previous year and a 60% growth over the last three years. The cosmetic company is renowned for it s Better Than Sex mascara and Chocolate Bon Bon eye shadow palette, that claims to smell of chocolate.
Too Faced founders Jeremy Johnson and Jerrod Blandino, who started their career behind the Estee Lauder counters, said: “The Estee Lauder Companies appreciates our vision and is committed to ensuring that we retain and build on the core pillars of our brand.”
Too Faced will join the likes of Clinique, Smashbox and Creme De La Mer in The Estee Lauder Companies umbrella. The brand, which focuses its products towards millennials with and Instagram following of 7.3 million, joins the premium company a year after it admitted to shifting its marketing focus toward the new age group.
The Estee Lauder Companies president and chief executive officer, Fabrizio Freda, has said he hopes this purchase will boost growth internationally as well as throughout the US.
The acquisition is looking to close quickly with a preliminary date set in December this year.