Beauty and personal care conglomerate Unilever has entered a deal to acquire skincare brand Paula’s Choice – a science-backed cosmetics company from TA Associates.
|Unilever has acquired science-backed beauty brand Paula's Choice |
Founded by Paula Begoun in 1995, Paula’s Choice is famous for its industry-leading innovation, accessible jargon-free science, high-performing ingredients, and cruelty-free products.
The company offers powerful content and digital tools to demystify the science behind skin care, including an extensive “Ingredient Dictionary” that breaks down the research behind nearly 4,000 ingredients, and Expert Advice, a curated online hub of skincare and ingredient knowledge.
Vasiliki Petrou, Unilever executive vice president and CEO Prestige, said: “We are thrilled that Paula’s Choice will join our Unilever Prestige family. Paula’s Choice is a true pioneer in the digital space for beauty and has created a mission-based brand rooted in truth and transparency. We can’t wait to introduce the brand and its iconic products to an even bigger audience.”
Paula Begoun, founder of Paula Choice, said “I am so excited that Unilever and Paula’s Choice are joining forces, and I want to thank Vasiliki and the Unilever team for believing in us, our mission, and our values. With Unilever we can build on our work and vision spanning 26 years of creating brilliant products, and by giving people the self-confidence that comes from knowing they are taking the best care of their skin possible.”
Paula Choice has penetrated the Vietnamese cosmetics market since 2014, following a significant increase in demand of local beauty lovers. The firm is increasing its presence through various channels, such as physical department store like Lotte, Vincom, Watson, or e-commerce platforms such as Lazada and Shopee.
Unilever, on the other hand, is now home to popular beauty brands such as Treseme, Dove, Ponds, and Clear.
The M&A deal is slated to add more synergy to Unilever’s premium skincare segment, including the Vietnam market. The deal is expected to close in the third quarter of this year.
Vietnam is a promising market for cosmetics manufacturers. As demand has been increasing, Vietnam's import of cosmetics has more than doubled from around $355 million in 2010 to more than $790 million in 2018, according to Statista.