Jen Atkin, the US celebrity hairstylist, boasts Bella Hadid, Hailey Bieber and the Kardashian-Jenner clan as repeat clients.
In 2016, she founded Ouai, a hair care and lifestyle brand, with a minimalist look and philosophy. Pronounced “way”, the brand is sold through Sephora in Australia and has extended to fragrances, body products, candles and lifestyle merchandise.
Procter & Gamble (P&G) has inked a deal to buy the cult favourite brand for an undisclosed cum.
According to analysts, Ouai posted net sales of US$50 million this year and is expected to reach revenues of US$80 million in 2022.
Prestige haircare has become one of the fastest-growing categories over the past few years. The NPD Group reports that sales in the US alone rose to nearly US$620 million in the most recent quarter.
The buyout marks P&G’s first foray into prestige haircare and boosts its portfolio of power hair brands such as Pantene, Head & Shoulders and Herbal Essences.
The multinational has adopted a hands-off policy with recent acquisitions such as First Aid Beauty, Walker & Co and Farmacy Beauty and plans to repeat the strategy with Ouai. Atkin will stay on as chief creative officer, together with most of the corporate team including CEO Colin Walsh.
Walsh, a longtime L’Oréal veteran, said that Ouai and P&G share similar values and a passion for innovation. International expansion and new product development will be key initiatives going forward.