The Estée Lauder group owns a number of popular beauty brands including Bobbi Brown and MAC, but its latest acquisition is the biggest purchase to date!
The company announced on Monday that it is buying make-up brand Too Faced for the huge sum of $1.45billion (£1.16billion) due to its huge appeal and success with Millenials.
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Too Faced has been bought by The Estée Lauder group
"The acquisition of Too Faced is complementary to our portfolio of brands because it has a unique feminine and Millennial communication focus, which is really complementary with very little cannibalisation with the rest of our makeup portfolio," president and CEO Fabrizio Freda of Estée Lauder told WWD.
Too Faced was launched in 1998 by Jerrod Blandino and Jeremy Johnson. The label has gone on to be a huge success with its mascara line the number one seller at cult beauty store Sephora.
The brand's co-founders said they hope to develop fragrance and skincare lines
The pair started their careers working on the beauty counters of Estée Lauder, and said that the acquisition of their company was a "homecoming" in a statement confirming the news.
They have also said that the deal means Too Faced can continue working on new beauty developments, including a fragrance and skincare line.
"We are going to continue to dominate the colour category, spinning skin care ingredients into the colour cosmetics arena," Jerrod revealed. "There are so many different places that we can go now because we have the support and the resources. We have just been trying to keep up with the momentum of the shooting star we created in 1998."
Sounds good to us!