Retail in Asia

In Sectors

Unilever acquires luxury biotech hair care brand K18

Unilever announced it has signed an agreement to acquire premium biotech haircare brand K18, as the Anglo-Dutch consumer goods company looks to strengthen its premium beauty portfolio.

SEE ALSO: Beauty and personal care boost growth at Unilever, P&G

Financial terms of the deal were not disclosed.

Founded in 2020 by Suveen Sahib and Britta Cox, K18 is an American hair care brand that combines beauty and biotechnology. K18’s range of six products help to address the causes of hair damage, with its patent K18Peptide mimicking the human keratin structure to reverse chemical damage on hair.

“We are thrilled to continue to grow our Unilever Prestige portfolio in high growth premium spaces with the addition of K18,” said Vasiliki Petrou, Unilever prestige CEO, said.

“This acquisition complements our fast-growing portfolio of premium, culturally-relevant consumer brands. What Suveen, Britta and the team have created is a testament to the importance of brands built on unparalleled science, product efficacy and community love.”

K18 is distributed through professional salons, retail, and e-commerce primarily in North America, the UK and Australia. The transaction is expected to close in the first quarter of 2024.

“Nature is the best designer, and we’ve found that by understanding the biology of hair you can achieve true hair health and hair expression with less product, less time, and less frustration,” said Sahib.

“We are elated to join forces with Unilever, who sees the value in our unique biology-first and biotech approach that is more sustainable and efficacious. Our team is proud to join its Prestige beauty business of future forward brands that deliver true impact.”

In October, Unilever said turnover decreased 3.8 percent to EUR 15.2 billion (USD 16.8 billion) for the third quarter.

The company’s beauty and wellbeing segment delivered 7.4 percent underlying sales growth, with prestige beauty, and health and wellbeing continuing to grow strongly, said Unilever at the time of reporting.