WWD reports today that Estee Lauder has acquired too Faced Cosmetics in a 1.45 billion dollar purchase which happens to be one of Estee Lauder’s biggest purchases to date. Recently, Becca Cosmetics was also acquired by Estee Lauder as well and reports have been coming in that Drunk Elephant could be next. This beauts out the recent purchase of It Cosmetics by L’Oreal for 1.2 billion earlier this Summer!
Estee Lauders hopes to strengthen their leadership position with the purchase Too Faced and other brands in the fast-growing prestigious makeup category globally according to brand reps. Fabrizio Freda, president and chief executive officer, as quoted as saying, “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 cannibalization with the rest of our makeup portfolio.” Apparently my observations recently about Estee Lauder signing on Kendall Jenner to reach a younger demographic are quite true.
According to Jerrod Blandino, Too Faced’s founder, he hopes to take a more global approach with Too Faced in the future and also hopes to create standalone stores for the brand going forward! He’s also quoted as saying there are big things coming to Too Faced and feels that Estee Lauder will help achieve things on a larger scale.
And most important he’s quoted in his views of animal testing, “They respect our values, our core beliefs that we built our brand on. We will not be animal testing, we will not be going into China, we will not be made to fold into a corporate culture that we do not have. They love and respect what we have created and are just going to support us and lift us up, without changing us in any way but great.”
Pretty exciting news today on the Estee Lauder and Too Faced front eh?
What do you think of this latest acquisition?