Beauty care group L’Oréal has signed an agreement to acquire Skinbetter Science, a physician-dispensed American skincare brand.
Skinbetter's products rely on dermatological science, combining patented ingredients with luxurious sensorial textures.
Commenting on the acquisition, Myriam Cohen-Welgryn, worldwide president of L’Oréal’s active cosmetics division, said, “Skinbetter Science is a perfect complement to the Active Cosmetics Division’s brand portfolio.
"It will contribute greatly to the L’Oréal Active Cosmetics Division’s long-standing mission to pioneer health and beauty with advanced science-based skincare innovations. I am confident this high-growth US brand has great international potential.”
Skinbetter Science was co-founded in 2016 by pharmaceutical industry professionals, Jonah Shacknai, Justin Smith, and Seth Rodner, and has since become one of the fastest-growing medical-dispensed skincare brands in the US.
The group formulates products with active ingredients for anti-aging, moisturising, cleansing, exfoliating, skin peeling and sun protection.
The brand holds clinical trials led by board-certified dermatologists as part of the product formulation process.
Its products are mainly available through a network of dermatology, plastic surgery, and medical aesthetics practices throughout the United States, thanks to a national medical sales team.
Skinbetter Science generated nearly $95 million in sales in the twelve months ended 31 August 2022.
Headquartered in Arizona, the brand’s leadership team will continue to run the business following the acquisition and will be integrated under the leadership of Christina Fair, president of the active cosmetics division within L’Oréal USA.
Jonah Shacknai, founder and executive chairman of Skinbetter Science, said, “The entire Skinbetter Science team is excited to be joining the L’Oréal family. L’Oréal is the leading beauty company in the world, and its extraordinary leadership, resources, and international reach will allow us to maximise opportunities for medical aesthetics practices, patients, and our Skinbetter colleagues.”
Dynamic Growth Potential
David Greenberg, chief executive officer, L'Oréal USA and president, North America zone, added, “I am confident the brand will strengthen our North America dermatological beauty business, an area that we believe has dynamic growth potential.
“Together with Christina Fair and our active cosmetics division, we see an opportunity to draw on the strength of the fantastic team behind the brand and reinforce the relationships of trust that they have built with their healthcare professional partners to take this part of our business to the next level.”
The deal, subject to the standard regulatory approvals and other customary conditions, is expected to close in the early part of the fourth quarter of the company's financial year.
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Conor Farrelly. Click subscribe to sign up to ESM: European Supermarket Magazine.