L'Oréal has signed an agreement to acquire US-based, physician-dispensed Skinbetter Science.
WHO: Based in Arizona and co-founded in 2016 by pharmaceutical industry professionals Jonah Shacknai, Justin Smith, and Seth Rodner, Skinbetter Science is one of the fastest-growing medical-dispensed skincare brands in the US. A medical sales team sells the product range primarily through a network of dermatologists, plastic surgeons, and medical aesthetic practices.
For over 110 years, L'Oréal has become the world's leading beauty player with a broad portfolio of 35 international brands and 85,400 employees. A balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail) generated sales amounting to 32.28 billion euros in 2021. The group has 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 3,000 tech professionals.
WHY: L'Oréal's Active Cosmetics Division is L'Oréal's fastest-growing group. In the three months ended June 30, the division's revenues rose 33.9 percent on a reported basis and 23.8 percent on a like-for-like basis.
IN THEIR OWN WORDS: 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 maximize opportunities for medical aesthetics practices, patients and our Skinbetter colleagues. We are very proud of all we have accomplished as an independent brand and look forward to collaboration with such an innovative and socially responsible global organization. We genuinely believe there to be superb mission and values alignment between our companies."
"Skinbetter Science is a perfect complement to the Active Cosmetics Division's brand portfolio," Myriam Cohen-Welgryn, Worldwide President of L'Oréal's Active Cosmetics Division, said in a statement. "It will contribute greatly to the L'Oréal Active Cosmetics Division's longstanding mission to pioneer health and beauty with advanced science-based skin care innovations. I am confident this high-growth U.S. brand has great international potential."
David Greenberg, Chief Executive Officer of L'Oréal USA and President, North America Zone, said, "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 relationship of trust that they have built with their healthcare professional partners to take this part of our business to the next level."
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