Procter & Gamble (P&G) is reportedly acquiring independent beauty brand First Aid Beauty (FAB), a transaction estimated to cost the Cincinatti, OH-based CPG company $250 million.
P&G spokesperson Damon Jones told the Cincinnati Business Courier that the acquisition is "a great fit for P&G Beauty with its full line of prestige products that deliver skin health solutions specifically designed for sensitive skin and skin conditions.”
FAB is a top seller at Sephora, Ulta and on QVC, focusing on specialized skincare for eczema, redness and dryness, as well as sensitive skin. The brand was founded in 2009 by Lilli Gordon in Newton, MA.
This is the fifth acquisition P&G has made in the past few months. The company is paying $4.2 billion to acquire Merck KGaA and also announced earlier this month that it would be purchasing Pressbox, a dry cleaning and laundry service.
P&G's other beauty brands include Olay and SK-II. While these could be perceived as competitors of FAB, Jones said he wouldn't qualify them as such, explaining that FAB's "portfolio complements our existing line of products. They’re really about healthy skin solutions. We think it’s a great company with an exciting future.”
Specific financial terms of the acquisition have not been disclosed, nor has a closing date. FAB employs 50 workers at its headquarters in Massachusetts.
Copyright © 2021 FashionNetwork.com All rights reserved.