Japanese beauty company Shiseido has acquired "clean" skincare brand Drunk Elephant for an estimated $845 million dollars. In this acquisition, Shiseido will own 100 percent of Drunk Elephant in a push to expand the Japanese company's global reach.
Founded by Tiffany Masterson in 2012, Drunk Elephant was a pioneer of the "clean beauty" movement. Masterson's success is credited to her personal philosophy that a skincare "formulation is only as good as its worst ingredient" and by eliminating six problematic ingredients (essential oils, drying alcohols, silicones, chemical sunscreens, fragrance and dyes, and SLS), clear, balanced, and healthy skin is easily attainable.
In the past seven years, Drunk Elephant has grown rapidly while particularly attracting the Millennial and Gen Z markets. Shiseido's complete acquisition of Drunk Elephant adds to the Japanese company's group of subsidiaries, including NARS cosmetics and Bare Escentuals.
"Drunk Elephant's approach strongly resonates with its highly engaged and loyal consumers, who value the integrity and effectiveness of Drunk Elephant's formulations combined with a fun, curious approach," Shiseido said in a press release. "Drunk Elephant will be able to leverage Shiseido's global platform and resources to expand into new and existing markets both in the Americas and internationally including Europe and Asia".
The acquisition will be finalised by the end of 2019 with Masterson remaining on board as chief creative officer and president, while reporting to Shiseido's CEO Marc Rey.
from POPSUGAR https://www.popsugar.com/beauty/shiseido-buys-drunk-elephant-for-845-million-46729875
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