According to an article by WWD, Unilever has just signed a deal to secure major skincare brand, Paula’s Choice, for approximately US$2 billion.
Although terms of the deal were not disclosed and Unilever did not comment on the price tag, it was previously reported that the brand was exploring deal options and that the business is set to reach more than US$300 million in net sales this year.
Paula’s Choice was founded in 1995 by Paula Begoun, author of 'Don’t Go to the Cosmetics Counter Without Me' and 'The Complete Beauty Bible.' Begoun was one of the first advocates for ingredient transparency in beauty, and Paula’s Choice was one of the very first skincare brands to create an ingredient dictionary.
Begoun expressed her excitement that Unilever and Paula's Choice were joining forces, thanking the Unilever team for believing in the brand's mission and values.
"With Unilever we can build on our work and vision spanning 26 years of creating brilliant products, and by giving people the self-confidence that comes from knowing they are taking the best care of their skin possible,” she said.
Unilever EVP and CEO Prestige, Vasiliki Petrou, added: “We are thrilled that Paula’s Choice will join our Unilever Prestige family. Paula’s Choice is a true pioneer in the digital space for beauty and has created a mission-based brand rooted in truth and transparency. We can’t wait to introduce the brand and its iconic products to an even bigger audience.”
The deal is expected to close in the third quarter, and the acquisition means Unilever adds another pretige direct-to-consumer business to its portfolio, which already includes Dermalogica, Murad, Tatcha, Ren and Kate Somerville.
