The Estée Lauder Companies (ELC) has announced that it has signed an agreement to acquire Too Faced for approximately US$1.4 billion. The deal is expected to close in December, 2016.

The acquisition is the US prestige beauty company’s largest to date, and forms part of its bid to strengthen its leadership position in the global prestige make-up category, as well as increase its millennial offer.

“Too Faced is one of the most dynamic make-up brands in the world,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies. “It has tremendous growth momentum in specialty-multi and online – important, strategic and fast-growing channels. With Too Faced, we see terrific opportunity for additional value creation through expansion in new and existing markets both in the US and internationally, as well as in travel retail globally. Jeremy, Jerrod, Eric and the entire Too Faced team have built an amazing and innovative brand. We look forward to working with them to continue to build on the brand’s winning spirit.”

“We are delighted to be joining forces with The Estée Lauder Companies as we continue to drive Too Faced’s dynamic growth,” said Jeremy Johnson and Jerrod Blandino, Co-Founders of Too Faced. “We started our careers behind the counters of the Estée Lauder brand, so this is truly a ‘homecoming’ for us. The Estée Lauder Companies appreciates our unique vision – to provide innovative, cruelty-free makeup products that give women the confidence to ‘have fun, play and dream big’ – and is committed to ensuring that we retain and build on the core pillars of our brand that are so important to us and our fans. This commitment, combined with ELC’s incredible world-class resources, will help us assure the ongoing growth and success of Too Faced for many years to come.”