Estée LauderOn Nov. 14, the Estée Lauder Companies Inc. announced that they would acquire Too Faced Cosmetics, a brand beloved by millennial consumers for its high-quality products and playful style. By acquiring Too Faced, for approximately $1.45 billion, Estée Lauder hopes to strengthen their position in the global prestige make-up category and increase their reach with millennials. According to WWD, this is the largest purchase in Estée Lauder’s history.

Too Faced was launched in 1998 by Jerrod Blandino and Jeremy Johnson. The company is currently led by Johnson, Blandino and CEO Eric Hohl. With high-quality, innovative formulas and distinctive feminine packaging, the brand has garnered an impressive following on social media and is expected to reach more than $270 million in net sales in 2016.

Johnson and Blandino remarked in a press release, “We are delighted to be joining forces with the Estée Lauder Companies as we continue to drive Too Faced’s dynamic growth. We started our careers behind the counters of the Estée Lauder brand, so this is truly a ‘homecoming’ for us. The Estée Lauder Companies appreciates our unique vision—to provide innovative, cruelty-free make-up products that give women the confidence to ‘have fun, play and dream big’—and is committed to ensuring that we retain and build on the core pillars of our brand that are so important to us and our fans. This commitment, combined with ELC’s incredible world-class resources, will help us assure the ongoing growth and success of Too Faced for many years to come.”

William P. Lauder, Executive Chairman of the Estée Lauder Companies, commented on the acquisition: “The entrepreneurial spirit at the heart of the Estée Lauder Companies is evident in the remarkable success of Too Faced. Jerrod and Jeremy started the brand with a simple, yet compelling creative concept, and transformed it into something that is truly extraordinary. We are absolutely delighted that Jeremy and Jerrod are ‘returning’ to the company where they began their careers in beauty, and we welcome the entire Too Faced team to our family.”

The acquisition is expected to close in December 2016.