NEW YORK, Feb. 26 /PRNewswire/ -- The Estee Lauder Companies Inc.
(NYSE: EL) today announced that it plans to acquire the remaining equity
interest in Make-Up Art Cosmetics (M.A.C) which is currently majority-owned by
the Estee Lauder Companies. Upon completion of the transaction, which is
scheduled for February 27, M.A.C will become wholly owned by the Estee Lauder
Companies. The terms of the transaction are not disclosed.
Leonard A. Lauder, Chairman and Chief Executive Officer, commented, "Since
1994, when we began our relationship with M.A.C, it has been a great addition
to our Company. Together with the founders of M.A.C, we have positioned the
brand as a clear market leader in the makeup artist segment, both in North
America and in the 10 international markets where it now has a presence.
Essential to this success has been M.A.C's uniquely creative culture and
independent spirit which will continue. As we move forward, we anticipate
more market growth, more new consumers and more cutting edge products from
M.A.C."
In December 1994, Estee Lauder acquired a majority interest in M.A.C and
was appointed the exclusive distributor of M.A.C products outside the U.S. and
Canada. In March 1997, the Estee Lauder Companies increased its ownership in
M.A.C. The transaction announced today and the one completed last March were
contemplated by the initial 1994 agreement.
Founded in 1984 in Toronto, Canada by Frank Toskan and Frank Angelo, M.A.C
produces a broad line of color-oriented, professional cosmetics and
professional makeup tools which appeal to makeup artists and fashion-conscious
consumers. In North America, M.A.C is available in a limited number of
prestige department and specialty stores, as well as 25 free-standing stores.
Internationally, M.A.C products are available in the U.K. and Ireland, France,
Italy, Germany, Switzerland, Singapore, Taiwan, Hong Kong and Thailand. In
December 1997, M.A.C opened its sixth international free-standing store on the
Via della Spiga in Milan, Italy. In April, M.A.C will enter Japan with a
major installation in Tokyo.
The Estee Lauder Companies Inc. is one of the world's leading
manufacturers and marketers of quality skin care, makeup and fragrance
products. The company's products are sold in more than 100 countries and
territories under well-recognized brand names, including Estee Lauder, Aramis,
Clinique, prescriptives, Origins, M.A.C, Bobbi Brown essentials, Tommy
Hilfiger, jane, Donna Karan Cosmetics and Aveda. For fiscal year ended June
30, 1997, the Estee Lauder Companies reported net sales of $3.4 billion and
net earnings of $197.6 million.
Estee Lauder press releases are available at no charge through Estee
Lauder Companies News On-Call fax service. For a menu of Estee Lauder press
releases or to retrieve a specific release, call 800-758-5804, extension
251850, or use the Internet via
http://www.prnewswire.com/cnoc/exec/menu?251850/
SOURCE Estee Lauder Companies
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CONTACT:
Dennis D'Andrea, Investor Relations,
212-572-4384, or Mary Carroll Linder, Media Relations,
212-572-4430, both of Estee Lauder
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
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