New chief executive Fabian
Garcia will run the expanded business following the deal, which is expected to
complete later this year.
Scott Beattie, Elizabeth
Arden's chairman, will remain but in an advisory role.
The cosmetics and beauty
firm Revlon has confirmed a $419m (£300m) deal to buy rival Elizabeth Arden.
New York-based Revlon -
best known for its make-up and hair colour products - said it was buying the
loss-making company to broaden its world presence and expand into skin care and
perfume ranges.
It expected cost savings of
$140m over three to five years once the all-cash deal is completed - adding it
was worth $870m when debt was included.
Elizabeth Arden's shares
jumped 50% in after-hours trading when news of the tie-up broke.
It recently posted a loss
of $28.4m for the first three months of the year.
Elizabeth Arden opened her
first Red Door salon on New York's Fifth Avenue in 1910.
The company now sells
skin-care and fragrance products in 120 countries but has struggled to win
favour for its celebrity-endorsed scents.
Revlon has secured
financing for the purchase which will also chip away at its own debt pile.
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