The Estée Lauder Companies has completed its acquisition of make-up brand Too Faced in a US$1.45 billion deal, which we reported initially last month.
Launched in 1998 by Jerrod Blandino and Jeremy Johnson, and currently led by Johnson, Blandino and Eric Hohl, Too Faced offers a line of cosmetic products for the eyes, face and lips.
Announcing the planned acquisition in November, the US beauty giant said that Too Faced would strengthen its leadership in the fast-growing prestige make-up category globally; increase its consumer reach in the specialty-multi channel; and “win” with millennials – all in strong alignment with group strategy. Travel retail is expected to be a prime focus for the integrated brand.
Too Faced has experienced impressive growth over the past several years, and is expected to generate over US$270 million in net sales in 2016. This represents growth of more than +70% for the year and +60% compounded annually over the past three years.
The Estée Lauder Companies said in a statement on Monday: “Known for its high-quality, innovative formulas, irreverent product names and distinctive packaging, Too Faced creates an emotional, authentic connection with consumers and has developed a strong following and built a vibrant community among millennials who are passionate about social media, fashion and pop culture. Too Faced has over 7.6 million Instagram followers and is among the top eight make-up brands in the speciality-multi channel in the United States.”