THE WHAT? L’Oréal has announced the acquisition of LA-based skincare company Youth to the People.
THE DETAILS Financial details were not disclosed, with the buy-out being subject to standard regulatory approvals and other customary conditions.
Youth to the People has built momentum as a popular skincare brand, which offers high-performance vegan skincare products.
The company is expected to report US50 million of sales in 2021.
THE WHY? Speaking about the acquisition, Stéphane Rinderknech, President North America & Chief Executive Officer L’Oréal USA, said, “We have been inspired by the passion and vision of the brand’s two founders, Joe Cloyes and Greg Gonzalez, in bringing the best of the health-conscious, California lifestyle to high performance beauty. We believe in the potential of this special brand, and we look forward to working with the Youth to the People team to help them realize this potential. I am thrilled to have Youth to the People join our growing portfolio of American brands on the West Coast.”