A quick BBN because things are on the move again. I’ve had to work my way through a very carefully worded release about Milk Makeup and Obagi who have ‘entered into definitive simultaneous business combination agreements’ with the Waldencast Acquisition Corp. Waldencast is one to watch as they make no bones about their ambition to create a multi-brand beauty and wellness portfolio. Waldencast founder was L’Oreal North America Group President so are we looking at a contender for L’Oreal here? I’m not sure. The finance structure is also strangely worded as a ‘$1.2 billion three-way transaction’ and I think you have to know finance very well to drag out the inferences from that.
In a very interesting move, CurrentBody, the device based retailer, has been sold to an investment and growth agency, eComplete. Interesting because the founders of eComplete are both ex THG (The Hut Group) which is in all kinds of trouble at the moment. It clearly pays to be an ex in beauty right now! What’s made CurrentBody so saleable is its own brand of devices – far more profit in own brand than selling other people’s.
After six long years, the litigation between Parlux (fragrance) and Jay-Z is over with Jay-Z cleared of breaching endorsement deals around the fragrance, Gold Jay-Z. Parlux requested $67 million in damages, didn’t get it but neither did Jay-Z get the $6 million counter suit for unpaid royalties. So there we are.
Harry Styles has revealed his gender neutral beauty brand, Pleasing, with four nail polishes, an under eye refreshing pen with a lip oil at the other end and an illuminating pen. The pen is already sold out. The polishes look quite cute but there’s not really a cohesive message – maybe it will reveal itself when more products are launched because as things stand, there’s a very minimal amount of product on a not-very convincing website. I’d love to know the manufacturer or formulator on this and whether the formulas a– they’re not ground-breaking but do tick the vegan, recyclable and sustainability boxes. I’ve put one of the ingredient lists (the lip oil) through Google search and it’s not dissimilar to your average lip gloss.
P&G is acquiring Farmacy, a science based skin care brand with an ethical sourcing‘farm to face’ philosophy. It’s a small brand in global terms but apparently attractive to P&G because it fills a gap in their portfolio. I can see it’s their equivalent of Unilever’s REN.
Also, on P& G news – a big hurrah for disability friendly packaging for Olay. It is about time, too. Hopefully, this paves the way for other brands to realise that yes it is possible, no, it’s not a niche market, and everyone can do it. The lid is designed to help with mobility issues, joint pain, limb differences and visual impairment and people with those particular needs were part of the design process.
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