The extremely well-known Toronto-based beauty company, DECIEM, has been sold to Estée Lauder for a massive sum of money.
DECIEM got major recognition for its own brand called The Ordinary. The Skincare line received a cult-like following for its high-quality ingredients and incredibly low prices.
If this brand isn’t incorporated into your beauty routine already, well then you’ve definitely seen it all over the internet.
Estée Lauder announced in a release this week that it will be purchasing the beauty company in a two phase series at a valuation of $2.2 billion USD.
The first phase of the transaction will leave Estée Lauder with a 76% ownership of DECIEM, and will take place by June 30, 2021. The completion of the second phase for the remainder of the company will be finalized within a three-year period.
Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc. expressed excitement about the deal, “Over the last four years, we have built a truly special long-term partnership with the incredible DECIEM team, and we are excited for what the future holds.”
The major bonus for DECIEM fans around the globe is that product shortages and long delivery times will be a frustration of the past once it becomes part of Estée Lauder.
The CEO of DECIEM speaks on how this is the right move due to the late founder, Brandon Truaxe’s, ultimate goal, “Brandon dreamed of ELC being the forever home for DECIEM, and we are truly humbled to achieve his vision today.”
With this major move, it’s with high hopes that DECIEM will continue to offer the awesome quality and price points that we all know and love, but only time will tell.
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