ELF Beauty buys rival brand Naturium for $ 355 million
Walgreens announces leadership transition as CEO leaves abruptly
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By Inside Retail staff writers
ELF Beauty buys rival brand Naturium for $ 355 million
American multi-brand cosmetics company ELF Beauty has signed a definitive agreement to acquire skincare brand Naturium for $ 355 million .
The acquisition , expected to settle at the end of September , will double ELF Beauty ’ s presence in the skincare market to about 18 percent of retail sales .
Naturium was launched by brand accelerator The Center in 2019 with Susan Yara joining as a founder the following year . The brand has recorded a CAGR of about 80 percent in net sales over the past two years and expects to reach $ 90 million of net sales and $ 17 million of adjusted EBITDA this year .
“ We ’ ve built an incredible brand , with numerous superstar formulas , a dedicated community and a world-class team in less than four years ,” said Yara .
“ Naturium aligns with ELF Beauty ’ s vision to create a different kind of beauty company with brands built to disrupt norms , shape culture and connect communities through positivity , inclusivity and accessibility ,” said Tarang Amin , chairman and CEO at ELF Beauty .
The company will continue to operate Naturium from its headquarters in Los Angeles and maintain its team of employees , expecting the skincare brand to contribute approximately $ 48 million in net sales in FY24 .
Committed to clean and cruelty-free beauty , ELF Beauty recently raised its full-year guidance after posting quarterly net sales growth of 76 percent . The company ’ s portfolio includes ELF Cosmetics , ELF Skin , Well People and Keys Soulcare .
Walgreens announces leadership transition as CEO leaves abruptly
Rosalind Brewer has stepped down as CEO and a member of the board at healthcare and pharmacy retailer Walgreens Boots Alliance ( WBA ).
Ginger Graham , lead independent director of WBA , has been appointed interim CEO , while Brewer will continue to advise during the company ’ s process to identify a permanent CEO , which is being assisted by a leading global executive search firm .
Brewer assumed the role in March 2021 , having built and led a team to set up the technology for a vaccine scheduling system , created a safe operating model for store labor , and developed a plan to drive vaccine equity . The company achieved considerable cost savings through its transformational cost management program during her tenure .
Brewer says she is grateful to have worked at Walgreens and proud of what they accomplished together .
“ I am confident that WBA is on track to be a leading consumer-centric healthcare company , serving thousands of communities across the country , especially those that need access to healthcare the most . I look forward to watching the company continue its transformation to deliver localized healthcare .”
WBA currently operates about 13,000 locations across the US , Europe and Latin America with a portfolio of brands including Walgreens , Boots , Duane Reade , the No7 Beauty Company , Benavides , and Ahumada . ►
September 2023 www . insideretail . us 9