Procter & Gamble has acquired skin care brand First Aid Beauty.
According to an article on www.seekingalpha.com, the terms of the deal—meant to boost P&G's prestige skin care business—were not disclosed, however, sources say P&G paid around $250 million for the brand. First Aid Beauty (FAB) is estimated to bring in $50 million in annual sales.
FAB founder, Lilli Gordon, said in a statement on Instagram, "I am thrilled to announce that First Aid Beauty is now part of the P&G Beauty family! ... When I launched First Aid Beauty in 2009, I was on a rescue mission to address the needs of sensitive skin (like mine) and provide clean, feel-good formulas that really work. Almost a decade later, thanks to your love, loyalty and support, our brand has grown tremendously, and I am so excited to enter into this next chapter with the global reach and resources of @pgbeauty. I will continue to lead the amazing team at FAB, and we all remain committed to making every day a good skin day through the same clean, cruelty-free, safe for sensitive skin products that you expect from FAB. Thank you for being such a huge part of the FAB journey so far, and I look forward to your continued support."