TORONTO — The Estee Lauder Cos Inc. says it has struck a deal to purchase Canadian skincare firm Deciem Magnificence Group Inc. at a valuation of US$2.
TORONTO — The Estee Lauder Cos Inc. says it has struck a deal to purchase Canadian skincare firm Deciem Magnificence Group Inc. at a valuation of US$2.2 billion
The settlement will see Estee Lauder buy the Toronto-based firm behind the favored skincare model The Abnormal in two phases.
Estee Lauder says the primary section of the deal, which is anticipated to shut by June 30, will see the corporate enhance its stake in Deciem to 76 per cent from 29 per cent for US$1 billion.
The American multinational producer of skincare, make-up, perfume and hair care merchandise says it has agreed to purchase the remaining pursuits after a three-year interval at an quantity to be decided based mostly on Deciem’s future efficiency.
Deciem, which calls itself The Irregular Magnificence Firm, was based in 2013 by the late Brandon Truaxe, a pc scientist and cosmetics entrepreneur.
Nicola Kilner, CEO of Deciem, says Truaxe dreamed Estee Lauder can be the “perpetually house” for the Canadian skincare firm.
Fabrizio Freda, president and CEO of New York-based Estee Lauder, says Deciem has cultivated genuine manufacturers with extremely efficient, must-have merchandise and a uniquely clear and interesting communication type.
This report by The Canadian Press was first printed Feb. 23, 2021.
The Canadian Press