THE WHAT? Helen of Troy has announced that it has entered into a definitive agreement to purchase Drybar Products for US$255 million.
THE DETAILS As part of the transaction, Helen of Troy will grant a worldwide license to Drybar Holdings, owner and operator of Drybar blowout salons to use the Drybar trademark.
“We are delighted to announce that we have entered into an agreement to acquire Drybar Products, which will add a highly-respected and fast-growing brand to our beauty business, and an 8th leadership brand to Helen of Troy’s portfolio,” said Helen of Troy CEO Julien Mininberg. “Drybar products is winning in the prestige category with premium appliances, liquids, and accessories that resonate with a wealthier, on-trend consumer demographic for use at home and by stylists. The business has more than doubled in size since 2016 and continues to grow at a healthy double-digit rate across a wide array of retailers including Ulta, Sephora, Nordstrom’s, Macy’s, and of course, Drybar salons.”
THE WHY? Mininberg claims that Drybar is strategically an excellent fit with Helen of Troy, complementing its Revlon and Hot Tools brands and the company expects to capitalise on the brand’s excellent upside potential.