Unilever, the maker of Dove soaps, agreed to acquire REN Skincare to boost its collection of luxury personal-care products.
The British company, founded in 2000 by Antony Buck and Robert Calcraft, sells its creams, scrubs and serums in 50 countries, Unilever said today in a statement. The deal is expected to close in May and terms weren’t disclosed.
Unilever CEO Paul Polman has been hunting for bolt-on deals to reignite growth at the company’s personal-care division, its largest and most profitable unit.
The maker of Axe body sprays has seen sales growth slip as demand for its soaps and shampoos has weakened in emerging markets, which account for two-thirds of its personal-care sales.
The broader market is now growing at about three percent globally, a decline from four percent last year.
REN’s "premium positioning complements well our existing portfolio," Vasiliki Petrou, Unilever’s senior vice president of prestige brands, said in the statement. In December, Unilever agreed to acquire Camay and part of the Zest brand from Procter & Gamble Co. to expand in soap.
News by Bloomberg, edited by ESM
