Earlier this week, the Estée Lauder Companies officially announced that it will be acquiring cult-favorite makeup brand Too Faced for $1.4 billion USD. First established in 1998, the beauty line is famously known for its fragrant scents and tongue-in-cheek branding, as well as its huge social media following.

According to a statement released by Etsée Lauder’s Chief Executive Officer Fabrizio Freda, the merger will allow both brands to expand their markets globally. You can read an excerpt of the press release below:

Too Faced is one of the most dynamic makeup brands in the world. It has tremendous growth momentum in specialty-multi and online – important, strategic and fast-growing channels. With Too Faced, we see terrific opportunity for additional value creation through expansion in new and existing markets both in the US and internationally, as well as in travel retail globally. Jeremy, Jerrod, Eric and the entire Too Faced team have built an amazing and innovative brand. We look forward to working with them to continue to build on the brand’s winning spirit.