The Estée Lauder Companies Inc. announced that it has entered into an agreement to increase its investment in Canadian-based Deciem Beauty Group Inc. from approximately 29% to approximately 76%. The transaction is expected to close in the quarter ending June 30. The Estée Lauder Companies Inc. has agreed to purchase the remaining interests after a three-year period.
Deciem was founded in 2013 by the late Brandon Truaxe. He developed the company with founder Pasquale Cusano and co-founder Nicola Kilner. Kilner now leads Deciem as CEO, working closely with Prudvi Kaka, chief scientific officer, and Stephen Kaplan, chief operating officer.
“Over the last four years, we have built a truly special long-term partnership with the incredible Deciem team, and we are excited for what the future holds,” said Fabrizio Freda, president and CEO of The Estée Lauder Companies Inc. “Deciem is an exceptional company. Nicola and her team have built and cultivated authentic brands with highly effective, must-have products using a vertically integrated model and have fostered a uniquely transparent and engaging communication style. The company’s hero products, desirable innovation,and digital- and consumer-first high-touch approach have been instrumental to its success.”
Deciem’s portfolio currently encompasses six brands, including The Ordinary, an internationally-popular skin care brand.
“Brandon dreamed of ELC being the forever home for Deciem, and we are truly humbled to achieve his vision today,” said Kilner. “Prudvi, Stephen, our team and I will continue to build on Brandon’s creation, and we thank ELC for their continued commitment to our vision and future.”