Estée Lauder Companies officially owns the majority of The Ordinary's Deciem

The New York beauty brand owner has increased its stake in the Canadian company

Estée Lauder Companies (ELC) has increased its ownership of the skin care brand developer Deciem.

The New York-based industry giant first invested in the maker of The Ordinary in 2017 and announced the gradual takeover of Deciem in February. ELC has since increased its stake from 29% to 76%.

ELC has confirmed that it will purchase the remainder of the Canadian company after three years "at a price that will be determined based on the future performance of Deciem".

Deciem was founded in 2013 by serial entrepreneur Brandon Truaxe, with Nicola Kilner, the company's current CEO, joining Deciem shortly after.

"While looking for investment in 2017, we met with many potential partners. From private equity to other large conglomerates, nobody made our hearts fuzzy. That was until we met The Estée Lauder Companies," Kilner wrote in an open letter on deciem.com.

"From the first time they flew to our cozy Toronto home, to meeting Leonard, William, and Fabrizio, it became clear it was the match we thought we could only dream of.

"Brandon said so proudly, the only forever home for Deciem is ELC. They put brand ahead of business and are family orientated throughout – two values we ferociously hold dear."

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