The Estée Lauder Companies to acquire Smashbox Beauty Cosmetics

The Estée Lauder Companies announced today that it has signed an agreement to acquire Smashbox Beauty Cosmetics, a privately held cosmetics company based in Los Angeles, California. The acquisition is expected to close in July 2010, subject to certain conditions, including regulatory approval. Smashbox’s significant presence in assisted open-sell environments and specialty distribution channels will expand The Estée Lauder Companies’ product offerings and reach new and younger consumers in these high-growth prestige channels. Smashbox Beauty Cosmetics was founded in 1996 by brothers Dean and Davis Factor, great-grandsons of the make-up legend Max Factor, who were inspired by photo studio celebrities to create a unique makeup brand that met the highly demanding needs of a professional photo shoot. Currently, the majority of Smashbox’s sales are based in North America. The Estée Lauder Companies will collaborate with the Smashbox organisation to develop an integration plan to transition Smashbox into The Estee Lauder Companies’ family after closing. Dean Factor, co-founder and Chief Executive Officer, Davis Factor, co-founder, Chief Creative Office and celebrity photographer, and Budd Taylor, President, will each play key roles with respect to these activities and the continued success of Smashbox. Smashbox will continue operating out of its Los Angeles, California office.