Unilever has agreed to sell its premium skincare brand Kate Somerville to Rare Beauty Brands for an undisclosed sum, following an 18-month effort to revive the brand.
The Kate Somerville brand includes skin care, body care and a clinic on Melrose Place, Los Angeles. Unilever acquired the label in 2015.
“Over the past 18 months, the team has worked diligently to accelerate Kate Somerville’s turnaround,” said Mary Carmen Gasco-Buisson, CEO of Unilever Prestige.
“As the brand enters a new chapter, we believe that its continued growth and success will be best supported by new ownership better aligned to its evolving needs.”
Rare Beauty Brands president and CEO Chris Hobson described the acquisition as a “significant milestone” for the company, which owns Patchology and Dot Dot Dash.
“We have long admired the brand’s innovative spirit and its commitment to results-driven skincare, which aligns perfectly with our mission to create products that delight, communities that empower, and brands that inspire,” said Hobson.
“We believe that Rare Beauty Brands is the ideal home for the Kate Somerville brand, and we are excited to welcome its dedicated team into our family.
“Together, we see a bright future ahead, with new opportunities to grow and reach even more consumers who share our passion for highly efficacious, luxurious skincare.”
PricewaterhouseCoopers Corporate Finance LLC is acting as exclusive financial adviser to Unilever on the transaction, which is expected to close in the fourth quarter of this year, subject to regulatory approvals.
