Unilever has signed an agreement to acquire premium colour cosmetics brand Hourglass.
The deal, expected to close in Q3 in 2017, will see the brand join Unilever’s Prestige division, alongside brands including Murad, Kate Somerville and REN.
It is the first time that Unilever has bought a colour cosmetics brand.
Alan Jope, President Personal Care, Unilever, said, “We are delighted to be adding Hourglass to our portfolio of Prestige brands. The colour cosmetics category has been showing high growth-rates, driven by social media content, channel diversity and democratisation of professional makeup techniques, and it therefore presents a significant opportunity.
“Hourglass is already a successful brand in this space, offering fantastic make-up products that also deliver skin care benefits, and we look forward to continuing to grow this wonderful brand.”
Hourglass was founded by Carisa Janes in 2004 and has developed a loyal following among consumers.
Carisa Janes, CEO Hourglass, added: “As the first colour brand in Unilever’s Prestige portfolio, we are excited about this partnership as Hourglass continues to challenge the status quo with high performance luxury cosmetics.
“Unilever’s commitment to innovation and social responsibility is aspirational, and perfectly aligned with our vision for the future of Hourglass.”
The terms of the deal were not disclosed.