There’s an old media saying that it takes three examples to make a real trend. That’s certainly the case for Procter & Gamble‘s deep dive into prestige beauty since November.
Vying to take on major beauty players such as L’Oréal, Unilever and Estée Lauder, the maker of Olay and SK-II acquired Farmacy Beauty in November and Ouai, the premium haircare brand, in December.
P&G have announced a third acquisition in the prestige sector – Tula Skincare – which exceeded sales of US$150 million in 2021.
Co-founded in 2014 by leading US celebrity gastro-enterologist, Dr Roshini Raj, Ken Landis, the co-founder of Bobbi Brown makeup, and tech entrepreneur, Dan Reich, Tula Skincare was one of the pioneers of probiotic skincare. The name means balance in Sanskrit and the brand’s products contain a probiotic complex featuring rice proteins, Vitamins A, C and E and omega-3 and 6 fatty acids.
Tula was launched exclusively on the QVC shopping channel in the US and is also sold in major retailers such as Nordstrom department stores, Target, Sephora and Ulta Beauty and online. L Catterton, the private equity firm created by LVMH, the world’s largest luxury goods group, invested in the brand in 2017.
In August 2021, Tula launched into the Canadian market and released its first bodycare products in an exclusive partnership with Ulta Beauty, the largest speciality beauty chain in the US, just before Christmas.
The prestige beauty market is growing in double digits, notes Markus Strobel, President of Global Skin and Personal Care at P&G. “So it’s a channel where we want to have a stronger presence with a tight portfolio.”