Estée Lauder is on a buying spree.
Yesterday, the brand announced its third major deal in the span of about a month, signing an agreement to purchase artisinal fragrance brand Editions de Parfums Frédéric Malle.
Malle — who is the grandson of Parfums de Christian Dior founder Serge Heftler — boasts an impressively upscale collection made up of 21 fragrances by 12 master perfumers globally, with three stores in Paris and two in New York. The brand is estimated to do about $16 million wholesale.
With this deal expected to close in January, Malle joins new Lauder acquisitions Le Labo, also an artisinal fragrance brand, and upscale skin-care business Rodin Olio Lusso, which was bought last week. And, despite first quarter profits diving over 24%, signs indicate Lauder might not be finished with its shopping cart.
“We definitely are always scanning the market for future high-potential brands,” admits Fabrizio Freda, Lauder’s President and CEO.