Unilever to buy US-based hair care products maker Living Proof
17 December 2016
British-Dutch multinational consumer goods company Unilever Plc yesterday struck a deal to buy US-based hair care products maker Living Proof Inc, in order to expand its personal care portfolio.
Unilever did not disclose the financial terms of the deal, which is expected to close in early 2017.
For Unilever, this deal is among the latest of several small acquisitions it has carried out recently to boost its personal care business.
Since the past year, it has acquired Kate Somerville, Dermalogica, Ren, Dollar Shave Club and Murad.
Living Proof, in which fashion icon and actor Jennifer Aniston had acquired minority stake in 2012, was formed in 2005 by Polaris Venture Partners and Dr. Robert Langer, an Institute Professor at MIT.
The Cambridge, Massachusetts-based company manufactures and supplies hair care products, which include shampoos, conditioners, styling treatments, overnight products, styling creams and mousses, nourishing creams, styling sprays, thickening mousses, thickening creams, root lifting sprays, mask treatments, protection and repairing products, texture mists, extender sprays, hair serums, shaping hairsprays, texture volumizers, and travel kits.
The company sells its products through its online store, as well as through salons, retailers, specialty beauty stores, and fashion specialty retailers in the US, Canada, the UK, Australia, Singapore, and Thailand.
Alan Jope, president personal care at Unilever said, ''We are delighted to be adding Living Proof to our portfolio of Prestige brands. The Prestige Hair retail market is very attractive and offers significant potential for growth. Through compelling product result demonstrations and influencer driven marketing, Living Proof is already a successful business in this space and we look forward to further developing and growing this wonderful brand.''
''I am extremely proud of Living Proof's growth over the years and the difference our products make to people's lives. Unilever shares our deep commitment to science, quality and innovation, making them the ideal partner to take us to the next stage of our journey," said, Grace Ray, CEO of Living Proof.
Living Proof will be part of Unilever's Prestige portfolio, which includes brands such as Dermalogica, Kate Somerville, Murad and REN.