Unilever buys Living Proof to spruce up personal care
The Hague (AFP)
Dutch food and cosmetics giant Unilever said Friday it is to buy US-based haircare products maker Living Proof, as it seeks to expand its personal care portfolio.
Rotterdam-based Unilever did not disclose the price paid for the brand, whose lotions and potions are billed as high-tech products based on scientific research from the Massachusetts Institute of Technology (MIT).
Living Proof, set up by entrepreneur Jon Flint together with MIT professor Robert Langer, will now form part of Unilever's Prestige portfolio, which includes brands such as Dermalogica, Kate Sommerville and REN, Unilever said in a statement.
The brand makes more than 40 products including shampoos, mousses and sprays which are sold in the United States, Canada, Britain, Australia, Singapore and Thailand.
The deal is set to be finalised early next year subject to regulatory approvals, Unilever said.
The market for high-end hair products "is very attractive and offers significant for potential growth," Unilever's personal care president Alan Jope added.
Unilever, which employs 169,000 people around the world, owns more than 400 brands including Dove, Lipton, Magnum and Marmite.
© 2016 AFP