Shoppers in front of the "Deciem" abnormal beauty company at the north hall of the New Covent Garden Market, Nine Elms, London, United Kingdom.
Smith Collection/Gado | Archive Photos | Getty Images
Cosmetics maker Estee Lauder said on Tuesday it had offered about $1 billion to take control of DECIEM Beauty Group, the parent company of Ordinary skincare brand.
The MAC 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.