NEW YORK Estee Lauder has signed an agreement to acquire prestige cosmetics company Smashbox Beauty Cosmetics, a move that Estee Lauder believes will expand its reach to new and younger consumers in the prestige channels.
Financial terms of the deal, which is expected to close in July, were not disclosed.
According to Estee Lauder, it will leverage its international experience as it looks to growth the brand and engage Smashbox's expertise in digital and social media.
Brothers Dean and Davis Factor, great-grandsons of the makeup legend Max Factor, founded Smashbox Beauty Cosmetics in 1996.
Dean Factor, co-founder and CEO, and Davis Factor, co-founder, chief creative officer and celebrity photographer, and Budd Taylor, president, will each play key roles with respect to these activities and the continued success of Smashbox. Smashbox will continue operating out of its Los Angeles office.