Revlon buys Elizabeth Arden for $870 million

Revlon has reportedly bought beauty brand Elizabeth Arden for a whopping $870 million.

Arden, who are best known for their Eight Hour Creams and their fragrance collaborations with Justin Bieber and Taylor Swift have accepted the offer after years of declining sales.

RELATED: Sephora makes Queensland's beauty dreams come true with Gold Coast store
RELATED: Wearing make-up changes how people perceive you

"This acquisition is strategically and financially compelling," Revlon's chief executive Fabian Garcia said in a statement.

"Combining our brands, talent, and global distribution will give our company a significant presence in all major channels and categories, while accelerating sales growth in existing and new geographic regions."

Revlon will acquire all of the outstanding shares of Elizabeth Arden for $14.00 per share in cash, representing an enterprise value for Elizabeth Arden of approximately $870 million.

Revlon is reportedly hoping to expand it's empire to skincare and perfumes, making the acquisition a match made in beauty heaven.

Elizabeth Arden was founded in 1910 by Canadian-born entrepreneur Elizabeth Arden, who started up the business in New York.

According to the Elizabeth Arden website, during WWII Arden developed cosmetics for women who served in the military and in 1946 she became one of the first women to ever be featured on the cover of Time Magazine.

Arden was innovative before her time and in the 1920's she was already championing avoiding the sun, hydrating the skin and she practiced yoga daily.

The global beauty products company has an extensive portfolio of prestige beauty brands sold in over 120 countries.

The Company's brand portfolio includes Elizabeth Arden skin care, color and fragrance products; its professional skin care line, Elizabeth Arden PRO; the designer fragrance brands of Juicy Couture, John Varvatos and Wildfox Couture.

The heritage fragrance brands of Britney Spears, White Diamonds Elizabeth Taylor, Curve, Giorgio Beverly Hills, Ed Hardy, Jennifer Aniston, Lucky Brand, Paul Sebastian, Halston, Geoffrey Beene, Rocawear, Alfred Sung, White Shoulders and the celebrity fragrance brands of Taylor Swift, Nicki Minaj, Mariah Carey and Justin Bieber.

However it seems even the Biebs couldn't help the fledging company and it's reported the company suffered a loss of $28.4m in the quarter ending March 31 this year.

Let's hope this Revlon acquisition can keep the high-end beauty brand and Elizabeth Arden's dream alive.