The beauty giant will acquire the cosmetics brand for $1.4 billion.
The Estée Lauder Companies will acquire Too Faced, it announced in a statement on Monday evening. The makeup line, best known for its playful scents, innovative formulas, carefully honed branding and massive social media following, launched in 1998. It has continued to build a loyal following in the years since and has become a favorite amongst many beauty bloggers and influencers (no doubt one reason it was an attractive acquisition for Estée Lauder).
Etsée Lauder CEO Fabrizio Freda released a statement elaborating on the acquisition:
“TOO FACED IS ONE OF THE MOST DYNAMIC MAKEUP BRANDS IN THE WORLD. IT HAS TREMENDOUS GROWTH MOMENTUM IN SPECIALTY-MULTI AND ONLINE – IMPORTANT, STRATEGIC AND FAST-GROWING CHANNELS. WITH TOO FACED, WE SEE TERRIFIC OPPORTUNITY FOR ADDITIONAL VALUE CREATION THROUGH EXPANSION IN NEW AND EXISTING MARKETS BOTH IN THE U.S. AND INTERNATIONALLY, AS WELL AS IN TRAVEL RETAIL GLOBALLY. JEREMY, JERROD, ERIC AND THE ENTIRE TOO FACED TEAM HAVE BUILT AN AMAZING AND INNOVATIVE BRAND. WE LOOK FORWARD TO WORKING WITH THEM TO CONTINUE TO BUILD ON THE BRAND’S WINNING SPIRIT.”
Shortly after the news was made public, Too Faced co-founders Jerrod Blandino and Jeremy Johnson posted a video to the brand’s Instagram feed:
“Rest assured that our morals and values that we founded Too Faced on will never change,” says Blandino in the video. One central tenet of the brand has been that no products are ever tested on animals, and that will continue to be the case, adds Blandino. The co-founders also hint that they’ll remain heavily involved in the brand, a precedent that has been set throughout other Estée Lauder acquisitions (for example, Linda Rodin remains integral to the operations of the Rodin brand).
This marks the latest in a string of makeup, social-media and millennial-focused brand acquisitions Estée Lauder has embarked upon of late. One such example was its $200-million majority investment in Becca, which Estée Lauder also confirmed had been completed as of Monday.