Revlon takes over Elizabeth Arden for £609m

Make-up and hair care products, Revlon, has agreed to buy Elizabeth Arden for £609m ($870m). Elizabeth Arden, famous for its Eight Hour Cream and Taylor Swift and Justin Bieber fragrances, dominates in the Asia-pacific region.

Canadian-born Elizabeth Arden who founded the company in New York City in 1910, was the first to introduce eye make-up to American women. Both companies sell their products in more than 120 countries and when combined are expected to have sales of about $3bn. Revlon would pay $14 per share for Elizabeth Arden, which represent a 50% premium on the company’s share price just before the deal was announced.

Revlon was founded during the Great Depression in 1932, when it introduced nail varnish enamel in multiple colours.