P&G acquires prestige skincare brand Tula
U.S. consumer goods giant Procter & Gamble announced this week it has acquired luxury skincare brand Tula, as the company looks to bolster its prestige brands portfolio.
The acquisition, whose financial details were not disclosed, will see Tula and its team continue to operate independently, led by current CEO Savannah Sachs.
Founded in 2014 by Dr. Roshini Raj, a practicing gastroenterologist; Ken Landis, co-founder of Bobbi Brown Cosmetics; and Dan Reich, a tech entrepreneur, Tula is clean skincare brand powered by probiotic extracts and superfoods. Tula's products are designed to help improve skin balance; soothe skin, calm skin irritation; and nourish skin to improve hydration, according to a press release.
“We created Tula to offer clean, effective skincare products powered by research and clinical results, since you shouldn’t have to choose between skincare that’s healthy and skincare that works," said Dr. Roshini Raj. “Now that Tula is joining P&G’s portfolio of world-renowned, trusted brands rooted in science, I am excited to grow our R&D and product innovation capabilities even further and to empower a global audience to embrace their skin.”
As part of the acquisition agreement, P&G Beauty’s role will be to support the Tula team to drive brand growth, and support expansion and innovation.
“Tula is a perfect complement to our portfolio with its foundation in science-based skin care that provides clinically-proven solutions. Dr. Raj, Savannah and the entire Tula team have done an amazing job building this brand to a leader in prestige skin care," said Markus Strobel, president, P&G Global Skin & Personal Care.
"We are thrilled to bring the Tula brand and the entire team into our P&G Beauty family.”
Also this week, P&G Beauty announced it plans to enter the metaverse with the launch of its virtual storytelling world, BeautySphere.
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