Procter & Gamble has signed an agreement to acquire Ouai, celebrity hairstylist Jen Atkin’s hair care and lifestyle brands.
Atkin’s debut hair care 2016 lineup with minimalist aesthetic and sophisticated scent. She gradually expanded it to include body lotions, fragrances, candles, lifestyle products, and merchandise.
Atkin, who counts the Kardashian-Jenners, Bella Hadid and Hailey Bieber as clients, said the plan is for Ouai to continue to grow and expand under P&G ownership. The entire Ouai team is expected to stay with the company – Atkin will remain as founder and creative director, and Colin Walsh will stay as chief executive officer.
“The past few weeks [I’ve] Atkin said. “The first is community and a socially connected brand. That’s our driving force because we’ve just had a strong relationship with our consumers since Day One. “
Atkin has 4.2 million followers on Instagram and is known, through Ouai, for connecting with consumers to survey them about their thoughts and product preferences.
“We have never tried to simulate an existing model,” says Atkin. “You know, we’re always in our own lane. We went against the trends, which, as you know, are very common in the hair care industry down to both design and composition. And I think the fact that we’re always trying our best to create together with our consumers, I think that’s really appreciated,” said Atkin. “And, we make good stuff.”
Terms of the deal were not disclosed, but industry sources say Ouai is projecting net sales of more than $50 million for 2021 and more than $80 million for 2022. The transaction is yet to come. terminated and will require regulatory approval.
As previously reported by WWD, Jefferies advise Ouai about the agreement.
“We spent many, many hours and you know, really thought about who would be the best partner for Ouai and you know, we are a brand that is committed to not only making great products. really high quality products, but have a voice and perform well in the world,” said Atkin. “I am shocked and truly amazed at all of the work that P&G has been doing and their commitment to responsible beauty, sustainability and quality, inclusion, happiness.”
Walsh, a L’Oréal veteran who join Ouai in 2018, says Ouai and P&G are a good fit when it comes to innovation. “NSThe passion for innovation of the ever-popular P&G hat is something we’re really passionate about and excited about,” said Walsh.
The group plans to continue to launch new products and expand or strengthen its presence in new geographies. “As we look to the future, we will certainly continue to innovate in the categories in which we enter, expanding into markets where we started or where we have never been. So I think those two huge superpowers can be of great help to us as we progress,” Walsh said.
For new products and categories, “the sky is the limit,” says Atkin.
“Jen and Colin are going to be the ones that are really going to lead the way, defining the extension of the brand and that sort of thing, but personally I see, and I know they do, the geographic expansion of the core brand and that sort of thing. That core and its core product is Alex Keith, CEO of P&G Beauty.
For P&G, Ouai represents a transition into the prestigious hair care sector, which in the US has been one of the fastest growing beauty categories in years. NPD Group said reputable hair care 36 percent increase in the most recent quarter to nearly 620 million USD.
“You know, we’re constantly evaluating our portfolio and looking at brands that we think can help fill gaps in our portfolio and certainly the prestige segment. in beauty, skin care, hair care are big growth areas. More and more consumers are actually looking to brands in that space, and we’ve got a gap in that portfolio especially hair care, we have great brands, Great core brand, but they’re not in the prestigious hair space,” says Keith.
She calls Ouai a “beautiful” brand and says what Atkin and Walsh have built is “unique” in the prestige hair space. The deal took place right after P&G agreed to buy prestige Farmacy skin care business.
“It’s so authentic, it has a clear, authentic, beautiful voice that comes from Jen, of course, and because of that, one of the most connected communities of brand enthusiasts out there. many brands I have seen. There’s a lot to like about the brand,” says Keith.
Like all recent acquisitions by P&G Beauty, Ouai will continue to operate separately without being fully integrated into P&G’s business. “We are quite pleased with our recent acquisitions, whether it’s First Aid Beauty or Native and Walker & Co., that allow the founder and/or CEO to truly continue running. business in a way that made it successful and appealing to us in the first place,” said Keith.
When Atkin and Walsh told the Ouai team the news on Thursday, Atkin said she was referring to Virgil Abloh, her friend.
“I have to mention my good friend, Virgil Abloh, whom we recently lost,” Atkin said. “He’s done really great things, and I really have to tell him about this… I idolize him, and I have to tell him thank you for the doors he opened. out.”
For more information from WWD.com, see:
https://wwd.com/beauty-industry-news/beauty-features/pg-acquire-jen-atkin-ouai-hair-care-1235009718/ P&G to Get Jen Atkin’s Ouai – WWD