Procter & Gamble has acquired First Aid Beauty for approximately US$250 million, according to a report published by WWD. Terms of the deal were not disclosed.
The purchase is a sure sign of P&G’s intent to beef up its skin care business despite offloading the majority of its beauty brands to Coty, the US FMCG giant retained ultra luxe SK-II and masstige Olay. The addition of prestige First Aid Beauty will enable P&G to cover every price point.
“We’re looking in our skin care portfolio for brands that complement our portfolio in benefit spaces where we’re currently not present, or in segments of the market where we’re not present, and First Aid Beauty fits the bill pretty well,” Markus Strobel, President of P&G’s Global Skin and Personal Care told WWD.
P&G’s heft will enable the brand to expand its global reach, revealed Gordon, who will remain in situ as CEO of the brand, more quickly and effectively as well as grant the brand access to P&G’s R&D resource.
“When I look at where we are today, it’s almost a point of inflection for the business,” Lilli Gordon, Founder of First Aid Beauty, told WWD. “We’ve been growing very healthily, but in order to sustain that growth over the next 10 years really takes a different mind-set… The brand could be an international powerhouse on a billion-dollar level.”