By Ezequiel Minaya
Estée Lauder Companies Inc. said Monday it has agreed to acquire California-based makeup brand Too Faced,in a deal worth $1.45 billion.
Investment firm General Atlantic LLC acquired majority stake in Too Faced last year in a deal that valued the company at about $500 million. Estée Lauder said its transaction is expected to be close by the end of the year.
Founded in 1998, Too Faced has taken a nontraditional approach to its business. The company primarily sells its products at cosmetics retailers, such as Sephora and Ulta Beauty, which allow shoppers to serve themselves, rather than at department store makeup counters. Its cosmetics include items with quirky names, such as Better Than Sex mascara and Chocolate Bar eye shadow.
It also doesn't buy ads in magazines or broadcast media, and has grown with the help of social media, where it has a large following of loyal customers and beauty bloggers.
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(END) Dow Jones Newswires
November 14, 2016 20:05 ET (01:05 GMT)
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