Unilever (ULVR) has announced it has agreed to acquire science-based haircare business Living Proof for an undisclosed sum.
The haircare brand, created with the aim to bring bio-medical technology to the beauty industry, will become part of Unilever’s “Prestige” portfolio, which includes brands such as Dermalogica, Kate Somerville, Murad and REN.
Living Proof was co-created by Massachusetts Institute of Technology professor Robert Langer and venture capitalist Jon Flint. The brand has been part-owned by actress Jennifer Aniston since 2012.
The acquisition is expected to close in the first quarter of 2017, subjected to regulatory approval.
Alan Jope, president of personal care, commented: “The Prestige Hair retail market is very attractive and offers significant potential for growth.
“Through compelling product result demonstrations and influencer driven marketing, Living Proof is already a successful business in this space and we look forward to further developing and growing this wonderful brand.”
Grace Ray, Living Proof CEO, added: “I am extremely proud of Living Proof’s growth over the years and the difference our products make to people’s lives. Unilever shares our deep commitment to science, quality and innovation, making them the ideal partner to take us to the next stage of our journey.
“I’m confident that together we will accelerate our mission to change people’s lives through products that deliver results you can see from across the room.”