Revlon is set to buy rival Elizabeth Arden for £300m!

Elizabeth Arden is an iconic cosmetics brandfound in 1910 in New York. The brand makes fragrances for celebrity trademarks like Justin Bieber, Taylor Swift amongst others as well as sells perfumes and cosmetics under its own brand. The company's sales have dropped over the years and it has reportedly not produced an annual profit since 2013.

ALSO READ:Elizabeth Arden signs Adam Levine's wife

Revlon was launched in the midst of the 'great depression' in 1932. The brand is known for its make-up and hair colour products and became the biggest name for makeup and beauty products at a certain point.

Revlon revealed it was buying Elizabeth Arden to increase its global presence with future expansion into skin care and perfume ranges. Both cosmetics company have continuously struggled over the years.

Revlon will buy out Elizabeth Arden for $14 per share in an all-cash deal. The share price represents a 50% premium over Elizabeth Arden's closing price as at last week. Revlon currently operates in almost 130 countries making geographic expansion beneficial to both brands.

ALSO READ: Peep flawless photos of Elizabeth Arden Africa brand ambassador

"Revlon will benefit from greater scale, an expanded global footprint, and a significant presence across all major beauty channels and categories, including the addition of Elizabeth Arden's growing prestige skin care, color cosmetics and fragrances" both companies revealed in a joint statement.