Unilever to acquire Living Proof
Unilever announced today that it has signed an agreement to acquire Living Proof Inc, the innovative premium hair care business renowned for solving hair problems through the use of breakthrough science.
Living Proof was conceived by venture capitalist and entrepreneur, Jon Flint, to bring advanced bio-medical technology to the beauty industry. Together with MIT professor, Robert Langer, they assembled a team of world-class biomedical scientists and industry leading hair stylists to create a comprehensive portfolio of hair products that enable people to get visibly healthier hair, fight frizz, build volume and address a number of other hair care challenges. Through patented technology and advanced scientific discoveries originating from MIT (Massachusetts Institute of Technology, US), Living Proof has a unique offering that has earned the brand a growing consumer following.
Alan Jope, President Beauty & Personal Care, 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 and we look forward to further developing and growing this wonderful brand.”
Grace Ray, Living Proof CEO, added: “I am extremely proud of Living Proof’s growth over the years and the difference our products make to people’s lives. Unilever shares our deep commitment to science, quality and innovation, making them the ideal partner to take us to the next stage of our journey. I’m confident that together we will accelerate our mission to change people’s lives through products that deliver results you can see from across the room."
Living Proof will be part of Unilever’s Prestige portfolio, which includes brands such as Dermalogica, Kate Somerville, Murad and REN.
Terms of the deal were not disclosed. The acquisition is expected to close in Q1 2017, subject to customary regulatory approvals.
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