Shiseido has announced that it has signed a definitive agreement to acquire Drunk Elephant for an undisclosed sum. The brand was reported to be seeking in the region of US$1 billion.

Founded by Tiffany Masterson in 2012, the prestige skin care brand announced plans to sell at the start of the year and is said to have been in talks with both Lauder and Shiseido, while Unilever was rumoured to have put in a billion-dollar bid back in May.

“We are thrilled to announce the acquisition of Drunk Elephant, one of the fastest-growing prestige skincare brands in history. This transaction is squarely aligned with Shiseido’s VISION 2020 goal of accelerating growth and creating value through strategic partnerships. Drunk Elephant’s approach strongly resonates with its highly engaged and loyal consumers, who value the integrity and effectiveness of Drunk Elephant’s formulations combined with a fun, curious approach,” said Masahiko Uotani, President and CEO of Shiseido

Marc Rey, CEO, Shiseido Americas and Chief Growth Officer of Shiseido, added, “This new and incredibly exciting partnership builds on Shiseido’s significant momentum and successful track record of acquiring distinctive, best-in-class brands. Drunk Elephant is changing the way people understand and experience beauty by offering products that are effective and clean-compatible. Drunk Elephant is built on a strong brand foundation and a unique philosophy that fits perfectly with Shiseido’s values and skincare heritage. Our innovative and people-first cultures are well aligned, and we share an unwavering commitment to our consumers. I also believe the brand will contribute to the business performance of Shiseido Americas. We are thrilled to welcome Tiffany and the Drunk Elephant team to the Shiseido family and I know they will feel at home from day one.”