Estee Lauder eyes millennials with $1.45bn Too Faced buy

© Getty/AFP/File | US cosmetics maker Estee Lauder has snapped up the beauty products brand Too Faced, beloved by the younger demographic.

The deal aims to "strengthen the company's leadership position in the fast-growing prestige makeup category globally, increase the company's consumer reach in the specialty-multi channel, and win with millennials -- all in strong alignment with the company's strategy," Estee Lauder said in a statement.

The company, which has catered heavily toward older women, was impressed with the brand loyalty Too Faced has generated, and was willing to pay the price to lock in its growth strategy. Like many younger women, fast-growing Too Faced is extremely active on social media.

It uses edgy names for products, such as "better than sex" mascara, and quirky packaging. It has a massive following on Instagram, and offers makeup tutorials on YouTube Too Faced has had sales of $279 million this year, up 70 percent in one year.

Other big players in the cosmetics market have been rolling out similar strategies. Among them, France's L'Oreal has been picking up hot brands such as Urban Decay, NYX and IT Cosmetics.