General Atlantic acquires the makeup brand
The investment firm General Atlantic is acquiring a majority stake in the US cosmetics brand Too Faced from Weston Presidio. According to WWD, the investment firm L Capital and Estée Lauder were also potential buyers.
"We are so grateful to our loyal Too Faced customers who have fueled our growth from a small indie brand to a fixture within the beauty industry," said Jeremy Johnson, co-founder and CEO of Too Faced.
As part of the acquisition, Ken Stevens, former president of the chain Ulta Beauty, who was CEO of the brand Philosophy (Coty) and of Bath & Body Works, has now been named president of Too Faced. The founders of the brand are, meanwhile, retaining a significant stake in the company.
Founded in 1998 by Jerrod Blandino and Jeremy Johnson, Too Faced offers a whimsical and colorful vision of beauty. Three years ago, private equity firm Weston Presidio acquired a majority stake in the brand. In France, Too Faced is carried by Sephora.
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