News

Estee Lauder to buy Toronto-based skincare company Deciem at US$2.2-billion valuation

Estee Lauder to buy Toronto-based skincare company Deciem at US$2.2-billion valuation
Business
TORONTO -- The Estee Lauder Cos Inc. says it has struck a deal to buy Canadian skincare company Deciem Beauty Group Inc. at a valuation of US$2.2 billion

The agreement will see Estee Lauder purchase the Toronto-based company behind the popular skin care brand The Ordinary in two phases.

Estee Lauder says the first phase of the deal, which is expected to close by June 30, will see the company increase its stake in Deciem to 76 per cent from 29 per cent for US$1 billion.

The American multinational manufacturer of skincare, makeup, fragrance and hair care products says it has agreed to buy the remaining interests after a three-year period at an amount to be determined based on Deciem s future performance.

Deciem, which calls itself The Abnormal Beauty Company, was founded in 2013 by the late Brandon Truaxe, a computer scientist and cosmetics entrepreneur.
Read more on CTVnews
News Topics :
Similar Articles :
Entertainment
TORONTO The Estee Lauder Cos Inc. says it has struck a deal to buy Canadian skincare company Deciem Beauty Group Inc. at a valuation of US$2.2 billion The agreement...
Business
Estee Lauder Cos. agreed to pay $1 billion to boost its stake in Deciem Inc., giving the Canadian skin care company an enterprise value of $2.2 billion as the cosmetics giant...
Top Stories
TORONTO The mastermind responsible for turning Toronto beauty brand Deciem into a multi million dollar company that shook up the cosmetics industry has died. You touched our hearts, inspired our minds...
Top Stories
Deciem’s website shows the company has closed almost all of its roughly 30 stores in Canada, the U.S., the U.K., Mexico and the Netherlands.   Deciem Truaxe does not give a reason...
Canada
People react as they look outside the beauty supply store Deciem as it has closed all locations unexpectedly in Toronto on Tuesday, October 9, 2018. Listen TORONTO – The founder...