Consumer goods giant, Procter & Gamble, is set to acquire Tula Skincare for an undisclosed amount, marking the corporation’s third acquisition within the beauty category in the last two months.
Tula Skincare was originally founded in 2014 by Dr. Roshini Raj, a practicing gastroenterologist. Since then, the brand has experienced explosive growth, becoming a direct-to-consumer ( DTC) powerhouse, with about half of its sales coming from its DTC business. It has also been noted as one of the fastest-growing brands at Ulta Beauty. Last year alone, Tula Skincare reported $150 million in net sales.
“We are really at an inflection point as a brand,” said Tula Chief Executive Officer Savannah Sachs.
“When we look at our beauty strategy, we want to win in beauty in the categories we choose to play in — skin, hair and personal care, categories where the clinical performance of the products makes a difference,” said Markus Strobel, P&G’s president of global skin and personal care.
“We want to win in the industry — in different channels and segments. Wherever we feel that there is a gap in our portfolio, then we want to close it.”
Through the acquisition, Tula Skincare will join a portfolio of other recently acquired companies whose brand values match up with P&G’s Responsible Beauty program. Tula Skincare, for one, has built its brand around beauty positivity and has made a commitment to not retouching materials used in its advertising and changing the language around skincare.
Some of the other brands in the P&G portfolio include SK-II, First Aid Beauty, Farmacy Beauty and hair care company, Ouai, which was acquired last month.
The transaction also represents another successful exit for private investment firm, L Catterton, whose beauty portfolio currently includes IL Makiage, Function of Beauty and Kopari.