P&G acquires Kiwi skin care brand
Procter & Gamble has added another natural and innovative brand to its portfolio.
The company has acquired New Zealand skin care company Snowberry. Snowberry New Zealand general manager Greg Billington told a New Zealand newspaper that the deal was signed last Thursday, adding the brand to a portfolio which also includes SKII and Olay.
CPG companies such as P&G have been acquiring natural and innovative brands due to the changing preferences of a new generation of shoppers.
Billington would not disclose the value of the deal, but a source suggested it was worth tens of millions of dollars.
Billington said P&G was drawn to Snowberry because of the company's use of natural ingredients and an innovative approach to skincare products.
“Snowberry brings to our collection of skincare brands unique formulas rooted in the intersection of nature and science,” P&G spokeswoman Kelly Vanasse told the Cincinnati Business Courier. “It is a beautiful brand and story with outstanding performance, which makes it a great fit for P&G.”
Snowberry will continue to be run by its current team out of New Zealand, Vanasse said. Cosmetician Soraya Hendesi founded Snowberry in 2007.