THE WHAT? Procter & Gamble is set to buy Tula Skincare, its third such acquisition in the space of three months, according to a report published by WWD. Terms of the deal were not disclosed.
THE DETAILS The superfood-based line is said to have bought in US$150 million in sales last year. The US FMCG giant will add the wellbeing brand to its existing, and fast-growing prestige portfolio, which includes SK-II, First Aid Beauty, Ouai hair care and Farmacy Beauty.
THE WHY? Markus Strobel, President of Global Skin and Personal Care at P&G told WWD, “When we look at our beauty strategy, we want to win in beauty in the categories we choose to play in – skin, hair and personal care, categories where the clinical performance of the products make a difference. We want to win in the industry – in different channels and segments. Wherever we feel that there is a gap in our portfolio, then we want to close it.
“The prestige beauty channel is growing double digits so it is a channel where we want to have a stronger presence with a tight portfolio. A portfolio that covers the key benefit spaces that we feel will be growing in the future.”