Revlon, known for its make-up and hair care products, has agreed to buy Elizabeth Arden in a $870m (£609m) deal.
Revlon hopes the acquisition will expand its global footprint.
Elizabeth Arden, famous for its Eight Hour Cream and Taylor Swift and Justin Bieber fragrances, has a strong presence in the Asia-Pacific region.
Revlon's boss described the firm as "one of the last independent, iconic brands in the cosmetics industry."
Canadian-born entrepreneur Elizabeth Arden founded the company in New York City in 1910. She is credited with inventing the makeover and was the first to introduce eye make-up to American women, according to the company's website.