L’Oréal acquires Youth to the People
L’Oréal announced on Wednesday that it has signed an agreement to acquire American skincare company Youth to the People.
The financial terms of the deal were not disclosed. The closing is subject to the standard regulatory approvals and other customary conditions.
The California-based brand, founded in Los Angeles in 2015, is well-known for its high-performance skincare products utilizing plant extracts and innovative active ingredients.
The brand’s growth has been supported by investors, Sandbridge Capital, Strand Equity and Carisa Janes. It is currently available in the U.S., Canada, Australia, and in select European countries via an omnichannel distribution.
Looking ahead, the brand is expected to record over US$50 million of sales in 2021.
“Because of its solid reputation and remarkable product quality, Youth to the People is a favorite among all genders,” said Cyril Chapuy, president of L’Oréal Luxe. “Its skincare expertise based on healthy, vegan, high-efficacy formulas make it a very strategic addition to L’Oréal Luxe. The brand’s core values and distinctive spirit reflected in its initiatives to amplify diverse voices, build a fairer world and enhance consciousness of the planet will be further celebrated at L’Oréal not only because they are precious to us, but because they are very true to our own values.”
“We have been inspired by the passion and vision of the brand’s two founders, Joe Cloyes and Greg Gonzalez, in bringing the best of the health-conscious, California lifestyle to high performance beauty,” added Stéphane Rinderknech, president North America & CEO of L'Oréal USA. “We believe in the potential of this special brand, and we look forward to working with the Youth to the People team to help them realize this potential. I am thrilled to have Youth to the People join our growing portfolio of American brands on the West Coast.”
In a joint statement, Joe Cloyes, founder & CEO, and Greg Gonzalez, founder & CBO, of Youth to the People, said Youth to the People was founded to continue as a family legacy of making skincare.
“Joining the L’Oréal family gives us the opportunity to realize all the dreams of Youth to the People. Our brand’s mission is to make high-performance skincare using vegan ingredients with practices that are good to the planet and good to the people. We’re beyond excited about this partnership and the opportunity to amplify our shared values of investing in a just and sustainable future for all.”
Copyright © 2023 FashionNetwork.com All rights reserved.