THE WHAT? Procter & Gamble has struck a deal to purchase Indie skin care brand Farmacy Beauty, according to a report published by WWD.
THE DETAILS The US FMCG giant declined to comment on the terms of the deal, although WWD reports that the brand is expected to report net sales of US$80 million this year.
THE WHY? Farmacy Founder David Chung told WWD that he has mastered the incubation phase of creating a brand but needs the resources available to a company like Procter & Gamble to grow further. Markus Strobel, President of Skin and Personal Care at P&G Beauty told WWD, “We’ve had our eyes on the brand for quite a while. It’s an attractive brand with amazing potential and an unusual positioning – deeply rooted in science combined with natural ‘farm to face’ ingredient sourcing. This combination is super attractive and fills a space in our portfolio that we don’t have.”