Shiseido, Estée Lauder Said Among Finalists in Drunk Elephant M&A Process

The Drunk Elephant sale process may be nearing an end, according to industry sources. According to multiple sources, final bids for the skin-care brand came in toward the end of September. Shiseido and the Estée Lauder Cos. Inc. are both said to still be involved in the process. A representative for Shiseido said the company does not comment on rumors or market speculation; a spokeswoman for Lauder also said the company does not comment on rumors. Drunk Elephant declined to comment. The Drunk Elephant M&A process has been a favorite conversation topic on the beauty scene, with people throughout the industry speculating about who will pay up for the indie skin-care brand, which is expected to fetch close to $1 billion if it goes through with a sale. Drunk Elephant was said to have nearly $100 million in net sales for 2018. The brand has tapped Financo and Moelis to run a process, industry sources said, and is said to have had discussions with many potential strategic beauty buyers. Drunk Elephant founder Tiffany Masterson did not immediately return a request for comment on Thursday. Products from Drunk Elephant’s skin-care range.  KENNON EVETT Masterson’s Drunk Elephant is one of the brands that propelled the concept of “clean

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