Estee Lauder Company agreed to pay $1 billion to boost its stake in Deciem, giving the Canadian skin-care company an enterprise value of $2.2bn as the cosmetics giant moves toward a full takeover.
Estee Lauder will raise its stake in Deciem to 76 per cent from 29 per cent with the deal, which it expects to close in the quarter ending on June 30, the New York-based company said in a statement Tuesday. Estee Lauder agreed to buy the rest of Deciem after three years.
Deciem had sales of $460 million in the year ended January 31, Estee Lauder said, describing the company as “an industry disruptor with a consumer-focused approach”.
Brandon Truaxe, who died two years ago at the age of 40, founded Deciem in 2013. The Toronto-based company attracted a cult following, including Kim Kardashian, after launching The Ordinary, a line of products with familiar ingredients priced at under $10. Estee Lauder invested an undisclosed amount in the company in 2016 and its portfolio grew.
A couple of months before he died, Mr Truaxe told staff that he was shutting down Deciem until further notice, citing “major criminal activity” by employees. Estee Lauder took legal action against Mr Truaxe. An Ontario judge ousted him as chief executive and forced him from Deciem’s board.
There was no hint of that past rancor in the Tuesday statement. “Brandon dreamed of ELC being the forever home for Deciem, and we are truly humbled to achieve his vision today,” said co-founder Nicola Kilner, the current chief executive.
Skin care continues to be the growth driver for Estee Lauder as makeup sales shrink, accounting for 58 per cent of the company’s revenue in its most recent quarter. Shoppers have gravitated toward self-care items like moisturizer and serums but have seen little need for foundation and lipstick as coronavirus restrictions keep them at home.
Estee Lauder shares were down 0.2 per cent to $284.95 at 9.39 am in New York. They are up 7.1 per cent this year and gained 29 per cent last year.
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The Scale for Clinical Actionability of Molecular Targets
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Play-off fixtures
Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
- Sweden v Italy
