First L’oreal drops Shu Uemura, and acquires Essie, Then then Lauder Group companies drop Prescriptive, to only find that Yesterday, Estee Lauder Companies announced that they will be acquiring Smashbox Cosmetics. Smashbox Cosmetics is very well known in USA but here in the UK it is only sold on QVC and Salon. The acquisition is expected to finish in July 2010. Below is a snippet from the press release…
The Estée Lauder Companies Inc. (NYSE: EL) announced today that it has signed a definitive agreement to acquire Smashbox Beauty Cosmetics, Inc., a privately held, photo studio-inspired prestige cosmetics company based in Los Angeles, California. The acquisition is expected to close in July 2010, subject to certain conditions, including regulatory approval.
“The Estée Lauder Companies is the ideal home for Smashbox,” said Dean Factor, co-founder and Chief Executive Officer, Smashbox Beauty Cosmetics, Inc. “The Company possesses the scale and vision to help transition Smashbox into its next phase of growth, and its track record of nurturing and growing prestige brands is second to none. Moreover, we share a similar cultural heritage and dedication to consumer-inspired innovation and creativity. We expect to benefit greatly from The Estée Lauder Companies’ extensive knowledge in product development, operational execution, and international marketing and distribution, and we look forward to the next great period of growth for the brand.”
Smashbox will continue operating out of its Los Angeles, California office.