Unilever has today announced the sale of its Kate Somerville brand to US firm Rare Beauty Brands as part of wider moves by the consumer goods giant to prune non-core products from its portfolio and focus on faster-growing ones.
The Kate Somerville brand includes skincare, body care, and a clinic on Melrose Place, Los Angeles. Boston-based Rare Beauty Brands was founded in 2007 and develops brands within the beauty and cosmetics sector.
Financial terms of the deal were not disclosed, but it is expected to close during the fourth quarter, subject to regulatory approvals.
The move follows Unilever snapping up several fast-growing brands this year, including men’s personal care brand Dr. Squatch and Wild, a producer of refillable personal care products. It also recently discontinued its skincare range REN.
Commenting on the disposal, Mary Carmen Gasco-Buisson, CEO of Unilever Prestige, said: “Over the past 18 months, the team has worked diligently to accelerate Kate Somerville’s turnaround. As the brand enters a new chapter, we believe that its continued growth and success will be best supported by new ownership better aligned to its evolving needs.
“We are confident that under Chris Hobson’s (President and CEO) leadership and the Rare Beauty Brands team, Kate Somerville has a bright future ahead.”
Hobson added: “The acquisition of Kate Somerville is a significant milestone for Rare Beauty Brands. We have long admired the brand’s innovative spirit and its commitment to results-driven skincare, which aligns perfectly with our mission to create products that delight, communities that empower, and brands that inspire.
“We believe that Rare Beauty Brands is the ideal home for the Kate Somerville brand, and we are excited to welcome its dedicated team into our family. Together, we see a bright future ahead, with new opportunities to grow and reach even more consumers who share our passion for highly efficacious, luxurious skincare.”
