Estee Lauder has announced today that it has agreed to acquire the California based makeup brand Too Faced for $1.5 billion. Estee Lauder was co-founded by Leonard Lauder who is a huge skin care business icon.
Too Faced was acquired last year for only $500 million by financial firm General Atlantic. So this is a nice premium and quick gain for General Atlantic being able to sell it to a strategic acquirer.
Too Faced Bought By Estee Lauder
The deal is expected to close by the end of the year.
The company was founded in 1998 and has been rather nontraditional in its approach to the business.
The company sells its products primarily in retailers like Sephora and Ulta Beauty. This allows shoppers to serve themselves as opposed to what is commonly found at conventional department store makeup counters.
Some of Too Faced’s products have quirky names, like the Chocolate Bar eye shadow or the Better Than Sex mascara.