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Revlon is scooping up its rival beauty brand Elizabeth Arden for a cool $870 million, according to the Wall Street Journal. The move is thought to give Revlon an edge in the skincare category — after all, Elizabeth Arden's been around since 1910, it's available in 120 countries, and it's known for products like its Ceramide Capsules serum and Eight Hour Cream.
Elizabeth Arden owns fragrances from brands like Juicy Couture and Wildfox Couture, as well as fragrances from celebrity like Taylor Swift, Nicki Minaj, Mariah Carey, and Justin Bieber. These will be added to Revlon's brand portfolio, which includes Almay, SinfulColors, Pure Ice, CND, and American Crew men’s hair care.
Revlon CEO Fabian Garcia said in a statement:
Revlon plans to build upon Elizabeth Arden’s ongoing transformation by further enhancing the brand, with even more vibrant and relevant product development and marketing, while carefully preserving its unique heritage within prestige. Combining our brands, talent and global distribution will give our company a significant presence in all major channels and categories, while accelerating sales growth in existing and new geographic regions. We look forward to bringing together our two top-notch teams to form a global leader in beauty.
This is the second big beauty deal this month, after Shiseido announced in early June that it will acquire makeup brand Laura Mercier and skincare line RéVive. Watch this space, because it seems like even more beauty acquisitions might be looming on the horizon.