PROCTER and Gamble has announced it has acquired prestige skincare brand First Aid Beauty (FAB) for an estimated $250 million.
Although terms and numbers were not disclosed, FAB is said to have about $50 million in net sales.
FAB founder Lilli Gordon will remain in charge as chief executive officer and will report to Markus Strobel, president of P&G's global skin and personal care.
FAB currently relies on third parties for formulas, but once acquired by P&G, it will be able to explore new means of product development, she said.
P&G Global Skin & Personal Care president Markus Strobel said the deal would give the company greater access to specialty retail channels, with FAB selling at outlets such as Sephora.
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