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Estée’s $3.6 Billion Revitalizing Cream

News and notes on the most pressing murmurs in the beauty industry: Estée Lauder’s consummation of the Deciem deal, Freda’s decision to go mass, and an unlikely turnaround play at Olaplex.

Fabrizio Freda
Estée Lauder’s M&A strategy has lagged behind its peers, which have scooped up brands that might’ve fit nicely in Lauder’s portfolio. Patrick McMullan/Getty Images
Rachel Strugatz
June 5, 2024

At long last, The Estée Lauder Companies has completed its drawn-out acquisition of Deciem, the Toronto-based parentco of The Ordinary, the Gen Z skincare favorite. Earlier this week, Lauder paid out about $860 million, following its initial minority investment in 2017, which brings its total outlay to approximately $1.7 billion. I’m told that Deciem’s valuation at the time of closing was about $3.6 billion. The company is projected to hit close to $700 million in net sales in fiscal 2024.