L’Oréal said it would acquire Skinbetter Science, a Phoenix, Arizona-based skincare startup that distributes its line through dermatologists and aesthetic surgeons.
The brand, which was founded in 2016, reported annual revenues over $95 million in the twelve months through July, L’Oréal said. Skinbetter Science’s current management including co-founder and executive president Jonah Shacknai will continue to lead the brand.
L’Oréal, which is the world’s biggest cosmetics group, has acquired several science- and dermatology-driven skincare brands such as CeraVe and Skinceuticals, as well as ramping up the focus on scientific marketing in recent years for its biggest lines like L’Oréal. Paris.
The group cited the effectiveness of Skinbetter Science’s patented ingredients, which it said were “rooted in deep knowledge of dermatology and chemistry,” as well as the brand’s growth potential as reasons for the acquisiton.
L’Oréal did not disclose financial details of the transaction.
For Beauty’s Biggest Players, Science Is Back in Style
L’Oréal, Coty and other beauty companies are betting on skin care lines with technical-sounding names and lab-concocted ingredients to help them pull out of a pandemic slump.