Colgate-Palmolive is buying its way into the professional beauty world.The owner of Softsoap, Speed Stick and Tom’s of Maine is buying PCA Skin and EltaMD in two separate transactions. Combined, Colgate said the companies have about $100 million in revenue. Industry sources suggested it is a nearly even split, with each company generating around $50 million in sales. Terms of the deal were not disclosed.PCA Skin, based in Scottsdale, Ariz., makes medical grade skin-care products that are sold through dermatologists, plastic surgeons and aestheticians. The business has been backed by Norwest Venture Partners for roughly five years. During that time, Michael Lorrain joined the business from L’Oréal’s Active Cosmetics Division as chief executive officer of PCA. The business also hired Chris Payne as chief marketing officer in 2016.PCA is well-known for its peels and retinol products, and recently added Massage Envy to its distribution list.“As far as channels, [PCA has] always been a very focused aesthetician brand,” said Sonya Brown, managing partner at Norwest. “Thinking about dermatologist and plastic surgery offices was a small percent, but that was probably the fastest-growing side of the business as we continued to focus and build a salesforce.”EltaMD sells sunscreen and skin-care products through doctors offices. The brand was acquired by Prairie Capital as part of the private equity firm’s 2012 acquisition of Swiss-American Products. Prairie declined to comment for this story.For Colgate, the two deals mark its first move into professional skin care. Colgate’s beauty and personal-care offerings include deodorant brands and Tom’s of Maine, which Colgate acquired in 2006 and makes lip balm and body lotions in addition to toothpaste and deodorant.“Adding a [fourth] pillar of growth — oral care, personal care, pet nutrition and now professional skin care — is a smart move and we believe this is a niche that Colgate can grow at a reasonable cost — given lack of exposure to larger CPG companies,” wrote RBC Capital Markets analyst Nik Modi in a note Monday.“PCA Skin and EltaMD form an exciting combination for Colgate’s entry into the professional skin-care category,” said Ian Cook, Colgate chairman, president and chief executive officer. “These high-growth, high-margin brands will strengthen our global personal-care business. Their complementary product portfolios and sales forces, strong professional support and similar distribution channels will advance Colgate’s presence in the premium global skin care category. Furthermore, these businesses will benefit from Colgate’s decades long legacy of working with professional experts to deliver recommendations that benefit their patients.”Wells Fargo Securities LLC advised Colgate on the acquisition of EltaMD. Financo and Houlihan Lokey advised PCA.
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)
@denimdaysfestival, which initially launched in Amsterdam in 2014 and has since expanded to New York, is heading to Nashville for the very first time. The two-day festival, which will take place in November, will feature brand activations, hands-on workshops by artisans and denim mills, a vintage market, live entertainment, and local food and drinks. Get all the details on WWD.com. #wwdnews #wwdfashion
Later this month, the popular “Diana: Her Fashion Story” exhibit will be reopening. @historicroyalpalaces, the charity that manages @kensingtonroyal, has been working towards adding new, never-before-seen garments to the exhibit, including this dress created by Gianni Versace for a fund-raising dinner at the Museum of Natural History in Chicago. The exhibit will reopen on April 26 at Kensington Palace @wwdfashion
“Our family has always been engaged and interested in the world around us. [My brothers and I] were always encouraged to have our own opinion at a young age, which is not always something a child is asked — especially to have an opinion with reasoning behind it,” said @yarashahidi on becoming an activist. We caught up with the 18 year old last week, where she talked about her road to acting, how “Black-ish” led her to start conversations about identity and more. Head to WWD.com to read what she had to say #wwdeye (📷: @chelsealaurenla)