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Estee Lauder to pay $1 billion for controlling stake in Ordinary skincare owner

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·1 min read
An Estee Lauder cosmetics counter is seen in Los Angeles
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(Reuters) - Cosmetics maker Estee Lauder Cos Inc said on Tuesday it had offered about $1 billion to take control of DECIEM Beauty Group Inc, the parent company of Ordinary skincare brand.

The M.A.C brand owner, which is raising its stake to about 76% from about 29%, said it had agreed to purchase the remaining interest in the company after a three-year period.

DECIEM recorded net sales of about $460 million for the 12 months ended Jan. 31, with the United States, the UK and Canada accounting for a major portion of its business.

The company net sales and earnings would have a negligible impact on Estee Lauder's fiscal year 2021 consolidated results, the company said. The deal is expected to close in the quarter ending June 30.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Anil D'Silva)