Estee’s $1bn offer is not just lip service!
CHARLOTTE Tilbury is working with advisers from investment bank Goldman Sachs on options after receiving a $1 billion takeover approach from Estee Lauder.
Tilbury, a make-up artist born in London and raised in Ibiza, set up Charlotte Tilbury Beauty, in 2013. It has grown rapidly since, turning over more than £100 million in 2017 with items such as Magic Cream, stocked in Harrods and Harvey Nichols.
Tilbury, 46, names lipsticks after women who inspire her, such as lawyer Amal Clooney, the wife of film star George.
Merger talks with Estee Lauder, which is valued on the New York Stock Exchange at $66 billion (£55 billion), had petered out after the owners of Charlotte Tilbury Beauty, including US venture capital firm Sequoia, were said to be demanding $1.4 billion, which Estee Lauder was unwilling to pay.
Sequoia acquired its stake in 2017, leading to the appointment of Welsh billionaire Sir Michael Moritz to the board. Sequoia has bought stakes in Airbnb, Apple, WhatsApp and Instagram.
City bankers said Charlotte Tilbury Beauty could also attract interest from Unilever, L’Oreal and Procter & Gamble. Sequoia and Estee Lauder declined to comment. Charlotte Tilbury Beauty did not return calls.