Unilever To Acquire Living Proof Inc. Hair Care
Consumer goods company Unilever announced on Friday that it has signed an agreement to acquire premium hair care business Living Proof Inc.
Entrepreneur John Flint and MIT professor Robert Langer created the company to pair advanced bio-medical technology with beauty products.
They claim their hair products use scientific research to improve hair health, fight frizz, boost volume and tackle other hair issues.
Financial terms of the detail were not provided.
Alan Jope, president of personal care with Unilever, said: "We are delighted to be adding Living Proof to our portfolio of Prestige brands. The Prestige Hair retail market is very attractive and offers significant potential for growth. Through compelling product result demonstrations and influencer driven marketing, Living Proof is already a successful business in this space".
Unilever's Prestige portfolio includes brands such as Dermalogica, Kate Somerville, and REN.
The acquisition is forecast to close in the first quarter of 2017, subject to standard regulatory approvals.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.