Deciem Valued at $2.2 Billion as Estée Lauder Ups Stake, Plans Acquisition

0

Get real time updates directly on you device, subscribe now.

Loading...


Deciem products. Deciem.

Estée Lauder is putting another $1 billion into beauty industry upstart Deciem, increasing its holding in the company to 76 percent, in the first phase of a deal to acquire the company in full, the beauty conglomerate said Tuesday.

The deal values Deciem, which owns brands including The Ordinary, at $2.2 billion and is expected to close by the end of June. Estée Lauder has agreed to purchase the rest of the company in three years at a yet-to-be-determined price.

Estée Lauder first invested in Deciem in 2017 and currently holds a 29 percent stake in the company.

Founded in 2013 in Toronto, Deciem counts six brands under its portfolio, including popular skin care brand The Ordinary, which has garnered widespread appeal and buzzy cult status among Gen-Z and Millennial consumers. For the fiscal year ended January 31, 2021, the company reported net sales of $460 million.

Co-founder Nicola Kilner will stay on as Deciem’s chief executive, alongside chief scientific officer Prudvi Kaka and chief operating officer Stephen Kaplan.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

Loading...

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Sports headlines.

For all the latest Sports News Click Here 

For the latest news and updates, follow us on Google News. 

Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you. 

Source

Get real time updates directly on you device, subscribe now.