P&G Buys Walker & Co. to Expand Offerings to African-Americans
December 12 2018 - 5:10PM
Dow Jones News
By Aisha Al-Muslim
Procter & Gamble Co. has acquired Walker & Co. Brands as
the consumer-products giant looks to serve more African-Americans
with health and beauty products.
Palo Alto, Calif.-based Walker sells grooming products for men
under the brand Bevel and hair-care products for women under the
Form Beauty brand.
Walker will operate as a separate and wholly owned subsidiary of
P&G, continuing to be led by its founder and Chief Executive
Tristan Walker, the companies said Wednesday. The deal price wasn't
disclosed.
P&G has set a goal to better serve African-Americans with
curly or natural hair. For instance, the Cincinnati-based company
last year launched its Pantene's Gold Series. P&G's Head &
Shoulders also launched its Royal Oils line earlier this year.
The deal should also help accelerate growth for Walker's
existing brands and fuel the development of additional products
designed for the specific needs of African-Americans, according to
the companies.
Having access to P&G's technology, capabilities and
expertise will help Walker scale globally and bring new products to
African-Americans, Mr. Walker said in prepared remarks.
Mr. Walker founded Walker & Co. in 2013.
Shares of P&G, up 4.7% in the past 12 months, closed up 0.1%
to $94.03 Wednesday. P&G's other beauty brands include
Gillette, Old Spice, Herbal Essences and Olay.
The deal is one of the latest black-owned health and beauty
companies bought by a conglomerate.
Last year, Anglo-Dutch consumer products firm Unilever PLC
acquired Sundial Brands, a New York-based hair-care and skin-care
products company predominantly targeting African-Americans, for an
undisclosed sum. Sundial's brands include SheaMoisture, Nubian
Heritage, Madam C.J. Walker and nyakio.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
December 12, 2018 16:55 ET (21:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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