Summary by Futu AI
On June 3, 2024, The Estée Lauder Companies Inc. (ELC), a global leader in prestige beauty, announced the completion of its acquisition of DECIEM Beauty Group Inc., a Canadian multi-brand company. The final transaction was closed on May 31, 2024, with ELC using cash on hand to purchase the remaining interests in DECIEM for approximately $860 million. This acquisition is the culmination of a partnership that began in 2017 when ELC first invested in DECIEM, later becoming the majority owner in 2021. The total investment by ELC in DECIEM amounts to an estimated $1.7 billion over three tranches. DECIEM, known as 'The Abnormal Beauty Company,' is recognized for its transparency in ingredients and its flagship brand, The Ordinary, which has achieved significant market presence in prestige...Show More