E.l.f. Beauty has acquired US skin care brand Naturium in a US$355m deal.
The acquisition, which will be completed on 30 September, intends to double the drugstore brand’s skin care offering to approximately 18% of retail sales.
Naturium is also expected to contribute approximately $48m in sales to e.l.f. Beauty for the remainder of 2024 financial year.
“Naturium aligns with e.l.f. Beauty’s vision is to create a different kind of beauty company with brands built to disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility,” said Tarang Amin, e.l.f. Beauty’s Chairman and CEO.
“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.”
Naturium was founded in 2019 by Los Angeles based brand accelerator The Center and beauty influencer Susan Yara, the creator of the Mixed Makeup YouTube channel.
Yara came under fire in 2020 after it emerged she had been promoting Naturium’s products without disclosing that she was one of the owners.
The skin care brand would go on to receive a minority investment in 2021 from growth equity firm Prelude Growth Partners.
Its hero products include The Glow Getter Multi-Oil Hydrating Body Wash, Vitamin C Complex Serum and Dew-Glow Moisturizer SPF 50.
“We’ve built an incredible brand, with numerous superstar formulas, a dedicated community and a world class team in less than four years,” added Yara.
“I have admired e.l.f., and their deep commitment to being a different kind of beauty company, for years now.
“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.”
E.l.f. Beauty raised its full-year outlook for 2024 this month after posting stronger than expected results for its first quarter of trading.
Sales increased by 76% to US$216.3m for the three months until 30 June 2023, in comparison to $122.6m the previous year.
The Gen Z-favourite brand’s skin care category performed particularly well during the quarter, growing 127% during the period.
“In January we launched Suntouchable Whoa Glow SPF30 and it quickly rose to become one of our best-selling skin care skus,” said Amin at the time.