Consumer goods giant Henkel has agreed to acquire Deva Parent Holdings, Inc., the owner of the professional haircare brand, DevaCurl.
Founded in 1994, DevaCurl's portfolio comprises hair care and styling products for all types of curly and wavy hair.
The product range includes cleansers, conditioners, styling products, styling accessories, and treatments, Henkel said in its statement. It also offers a wide range of vegan and 'free from' formulas.
The acquisition will complement the existing portfolio of Henkel Beauty Care and is part of its strategy to expand in attractive and fast-growing markets and categories.
'A Perfect Fit'
Jens-Martin Schwärzler, executive vice-president of Henkel’s Beauty Care business, added, "DevaCurl is one of the fastest-growing ‘Premium Professional’ hair care brands in the US.
"The brand is a perfect fit for our Beauty Care business and will reinforce the growth momentum of our hair professional portfolio in the world’s largest hair professional market."
DevaCurl's 'Premium Professional' products are distributed in the US in leading salons, as well as select retailers such as Ulta and Sephora.
It is also available on direct-to-consumer (D2C) and eCommerce platforms.
In 2019, DevaCurl is expected to generate sales of around USD100 million, mainly in the US market.
The agreement is subject to customary closing conditions, including regulatory approvals, Henkel added.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.