What's Happening?
Unilever has sold its premium skin care brand, Kate Somerville, to Rare Beauty Brands after a decade of ownership. Known for products like the Goat Milk Moisturising Cleanser and ExfoliKate, Kate Somerville was
part of Unilever's Prestige beauty portfolio since 2015. The sale comes as Unilever seeks to offload the brand, a process that began last year. Mary Carmen Gasco-Buisson, CEO of Unilever Prestige, expressed confidence in the new ownership under Chris Hobson and the Rare Beauty Brands team, suggesting a bright future for Kate Somerville. Rare Beauty Brands, which owns Patchology and Dot Dot Dash, sees the acquisition as a significant milestone, aligning with their mission to create inspiring and empowering products. The terms of the deal have not been disclosed.
Why It's Important?
The sale of Kate Somerville marks a strategic shift for Unilever as it reassesses its Prestige beauty portfolio amidst challenging economic conditions. This move could signal a broader trend of large beauty conglomerates divesting niche brands to focus on core operations. For Rare Beauty Brands, acquiring Kate Somerville offers an opportunity to expand their market presence and leverage the brand's established reputation for innovative skin care. This acquisition could enhance Rare Beauty Brands' portfolio, potentially increasing their competitiveness in the luxury skin care market. Consumers may benefit from new product developments and expanded access to Kate Somerville's offerings under the new ownership.