Unilever bolsters beauty business with deal for haircare brand K18, ET Retail
Consumer goods maker Unilever said on Friday it would buy the K18 brand, featured in the haircare routines of celebrities such as Rihanna and Hailey Bieber, to bolster its prestige beauty business.
K18 leave-in masks and other haircare products with its patented peptide composition, used to repair damaged hair, have gained traction since the pandemic as increased consumer focus on health and self-care boosted sales for the beauty sector.
Unilever did not disclose the financial terms of the deal but said it would close by the first quarter of 2024.
Like other consumer goods manufacturers, the Dove shampoo maker has been grappling with steeper input costs and margin pressures, resorting to multiple rounds of price hikes that have turned away inflation-hit consumers.
Unilever said in July it would focus on 30 of its key brands that make up 70% of sales, and has since sold its non-core beauty and personal care brands such as Q-Tips and Impulse to private equity firm Yellow Wood Partners.
K18 was founded in 2020 by Britta Cox and Aquis hair towel-maker Suveen Sahib.
