Estée Lauder announced that it is entering an agreement to increase its investment in the Canadian-based beauty company Deciem.
The company will grow its investment from 29% to 76%, and the transaction is expected to close in the quarter ending June 30, and it will purchase the remainder of its interests after a three-year period.
“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,” Fabrizio Freda, president and chief executive officer of The Estée Lauder Co., said. “Deciem is an exceptional company. Nicola and her team have built and cultivated authentic brands with highly effective, must-have products using a vertically integrated model, and have fostered a uniquely transparent and engaging communication style. The company’s hero products, desirable innovation, and digital- and consumer-first high-touch approach have been instrumental to its success.”
Deciem, founded in 2013 by Brandon Truaxe, Pasquale Cusano and Nicola Kilner, encompasses six brands, including popular skin care brand The Ordinary.
“Brandon dreamed of ELC being the forever home for Deciem, and we are truly humbled to achieve his vision today,”Nicola Kilner, co-founder and CEO said. “Prudvi, Stephen, our team and I will continue to build on Brandon’s creation, and we thank ELC for their continued commitment to our vision and future.”