CLICHY (dpa-AFX) - Cosmetics and beauty products giant L'Oreal Co. (LRLCY.PK) announced Monday that it has signed an agreement to acquire a majority stake in the British Premium skincare brand Medik8. The financial terms of the deal were not disclosed.
As part of the transaction, Inflexion, a mid-market private equity firm, will remain a minority shareholder. L'Oréal has also secured rights to buyout in full the minority shareholders.
The acquisition is expected to be completed in the next few months after regulatory approvals and other customary conditions.
The founder Elliot Isaacs will continue to serve on the board, with the current management committee in place to ensure continuity.
The British brand will join the firm's Luxe Division, and L'Oreal will start consolidating Medik8 sales from the date of the deal closure.
Medik8, founded by scientist Elliot Isaacs, offers iconic Crystal Retinal serum and its trademark CSA Philosophy: Vitamin C and Sunscreen by Day, Vitamin A by night.
L'Oréal said the acquisition further strengthens its Luxe portfolio, adding a premium science-backed skincare brand with strong potential for global growth.
Cyril Chapuy, President of L'Oréal LUXE, said, 'As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio. We share a strong belief in Medik8's global potential and are excited to embark on this journey together, to build a powerful and impactful brand presence worldwide.'
In Paris, L'Oréal shares were trading at 379.95 euros, down 0.37%.
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