Unilever has signed an agreement to acquire Living Proof Inc, the British-Dutch consumer products company announced via statement on Friday. The company has purchased a 100 percent stake in the brand, reports WWD, and also confirmed that Jennifer Aniston, who has been a celebrity spokesperson for and investor in Living Proof since 2012, is no longer affiliated with it.
"We are delighted to be adding Living Proof to our portfolio of prestige brands. The prestige hair retail market is very attractive and offers significant potential for growth," said Alan Jope, the President of Personal Care at Unilever, via a statement. "Through compelling product result demonstrations and influencer driven marketing, Living Proof is already a successful business in this space and we look forward to further developing and growing this wonderful brand."
Unilever currently sells hair products under its drugstore brands like TreSemmé, Suave, Dove and Clear and salon labels, Nexxus and TIGI. But this is the company's first prestige hair line, sold at retailers like Sephora, Ulta and Nordstrom. Living Proof will be integrated into Unilever's Prestige portfolio, which also includes skin-care brands Dermalogica, Kate Somerville and Murad.
"I am extremely proud of Living Proof's growth over the years and the difference our products make to people's lives. Unilever shares our deep commitment to science, quality and innovation, making them the ideal partner to take us to the next stage of our journey," said Living Proof CEO Grace Ray in a press release. "I'm confident that together we will accelerate our mission to change people’s lives through products that deliver results you can see from across the room."
Unilever did not disclose the terms of the deal, which is expected to close in early 2017. This acquisition will be one in a recent string of many in the beauty space for the company, which also bought Kate Somerville, Dermalogica, Ren, Dollar Shave Club and Murad over the past year.