E.l.f. Beauty snatches Naturium for $355 million as part of new skin care strategy
E.L.F Beauty has signed a definitive agreement to acquire Naturium, a fast-growing, high performance skin care brand for $355 million in a combination of cash and stock.
The cosmetics giant is hoping the deal will double its presence in skincare to approximately 18% of retail sales, with the agreement forming part of its mission to make the best of beauty accessible to every eye, lip, face and skin concern. The transaction, which is subject to customary closing conditions, is expected to close around September 30, 2023.
Tarang Amin, Chairman and CEO of E.l.f. Beauty, said: “We are thrilled to welcome Naturium to the e.l.f. Beauty family. Naturium aligns with e.l.f. Beauty’s vision to create a different kind of beauty company with brands built to disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility. Nearing two decades in business, we continue to deliver exceptional results. In August, we raised our Fiscal 2024 outlook after posting quarterly net sales growth of 76%, marking 18 consecutive quarters of more than 20% sales growth on average. e.l.f. SKIN is one of the fastest growing skin care brands, and Naturium joining e.l.f. Beauty presents a unique opportunity to significantly accelerate the potential we see in skin care.
“We have remained disciplined in pursuing strategic extensions that can leverage our strengths and bring complementary capabilities to e.l.f. Beauty,” continued Amin. “Naturium has built something special. With efficacious products at accessible price points and a community first mindset, Naturium reminds me of where e.l.f. was when I became CEO over nine years ago. Naturium demonstrates the same spirit, values and growth characteristics we find in e.l.f.”
Susan Yara, Naturium’s Founder also spoke promisingly of the acquisition, given the pair’s mutual missions and cultures: “I have admired e.l.f., and their deep commitment to being a different kind of beauty company, for years now. They care about their community and their employees, which is truly meaningful to me, especially as a female founder. With our complementary missions and cultures, I know e.l.f. Beauty will be the ideal partner as we expand our reach, and continue to make high performance skin care accessible for all.”