Dutch-British consumer goods company, Unilever has acquired the luxury cosmetic company, Hourglass, which is headquartered in Venice, California.
Terms of the deal were undisclosed, but industry experts have estimated that Unilever acquired Hourglass for between $250 million and $300 million, WWD reports.
“The color cosmetics category has been showing high growth-rates, driven by social media content, channel diversity and democratization of professional makeup techniques, and it therefore presents a significant opportunity,” Alan Jope, president of personal care at Unilever, said in a statement.
As part of the acquisition, Hourglass will join Unilever’s prestige beauty portfolio, which includes brands such as Kate Somerville, Murad, Dermalogica, Living Proof, and Ren. And Hourglass’ founder and current CEO, Carisa Janes, will maintain her position.
Hourglass is known for its skin complexion products, including its skin lightening products and primers sold at high-end retailers including Sephora, Net-a-Porter, Space NK and Harrod’s.
“As the first color brand in Unilever’s Prestige portfolio, we are excited about this partnership as Hourglass continues to challenge the status quo with high performance luxury cosmetics,” Janes said in a statement. “Unilever’s commitment to innovation and social responsibility is aspirational, and perfectly aligned with our vision for the future of Hourglass.”
The acquisition is expected to close in Q3 2017, subject to customary regulatory approvals.