L'Oréal: News Release: "L’Oréal signs an agreement to acquire Youth to the People, a California-based skincare brand inspired by superfood extracts"
December 08 2021 - 4:18PM
L'Oréal: News Release: "L’Oréal signs an agreement to acquire Youth
to the People, a California-based skincare brand inspired by
superfood extracts"
L’Oréal
signs an agreement to acquire
Youth to the
People,
a California-based
skincare brand inspired by superfood
extracts
Clichy,
December
8th,
2021 – L’Oréal signs an agreement
to acquire Youth to the People, an American skincare company based
in California.
Youth to the People was founded in Los Angeles
in 2015 by two cousins, Greg Gonzalez and Joe Cloyes. The brand is
inspired by their grandmother, Eva, who started a professional
skincare line 40 years ago, utilizing plant extracts and innovative
active ingredients. The brand’s growth has been supported by its
investors, Sandbridge Capital, Strand Equity and Carisa Janes.
Youth to the People develops and markets
high-performance skincare products known for formulas that combine
premium vegan blends of superfood extracts and science.
Available in the US, Canada, Australia, and in
select European countries where it enjoys a very strong appeal, the
brand is marketed through an omnichannel distribution – mix of D2C
e-commerce and selective distribution.
The brand is expected to record over USD 50
Million of sales in 2021.
Commenting on the acquisition,
Cyril Chapuy, President
of L’Oréal Luxe, said, “We are very pleased to welcome
Youth to the People brand, its founders and fantastic teams.
Because of its solid reputation and remarkable product quality,
Youth to the People is a favorite among all genders. Its skincare
expertise based on healthy, vegan, high-efficacy formulas make it a
very strategic addition to L’Oréal Luxe. The brand’s core values
and distinctive spirit reflected in its initiatives to amplify
diverse voices, build a fairer world and enhance consciousness of
the planet will be further celebrated at L’Oréal not only because
they are precious to us, but because they are very true to our own
values.”
Stéphane
Rinderknech, President
North America & Chief Executive Officer L'Oréal
USA, added, “We have been inspired
by the passion and vision of the brand’s two founders, Joe Cloyes
and Greg Gonzalez, in bringing the best of the health-conscious,
California lifestyle to high performance beauty. We believe in the
potential of this special brand, and we look forward to working
with the Youth to the People team to help them realize this
potential. I am thrilled to have Youth to the People join our
growing portfolio of American brands on the West Coast.”
Joe
Cloyes, Founder &
CEO, and Greg Gonzalez, Founder &
CBO, of Youth
to the
People, said, “We founded Youth to the
People to continue our family’s legacy of making skincare and to
inspire and represent our community. Joining the L’Oréal family
gives us the opportunity to realize all the dreams of Youth to the
People. Our brand’s mission is to make high-performance skincare
using vegan ingredients with practices that are good to the planet
and good to the people. We’re beyond excited about this partnership
and the opportunity to amplify our shared values of investing in a
just and sustainable future for all.”
The closing is subject to the standard
regulatory approvals and other customary conditions.
About L'OréalL’Oréal has
devoted itself to beauty for over 100 years. With its unique
international portfolio of 35 diverse and complementary brands, the
Group generated sales amounting to 27.99 billion euros in 2020 and
employs 85,400 people worldwide. As the world’s leading beauty
company, L’Oréal is present across all distribution networks: mass
market, department stores, pharmacies and drugstores, hair salons,
travel retail, branded retail and e-commerce.Research and
innovation, and a dedicated research team of 4,000 people, are at
the core of L’Oréal’s strategy, working to meet beauty aspirations
all over the world. L’Oréal sets out ambitious sustainable
development goals across the Group for 2030 and aims to empower its
ecosystem for a more inclusive and sustainable society.More
information on https://www.loreal.com/en/mediaroom
"This press release does not constitute an offer
of sale or solicitation of an offer to purchase L'Oréal shares. If
you wish to obtain more comprehensive information about L'Oréal,
please refer to the public documents registered in France with the
Autorité des Marchés Financiers, also available in English on our
website www.loreal-finance.com.This press release may contain
forecast information. While the Company believes that these
statements are based on reasonable assumptions as of the date of
publication of this press release, they are by nature subject to
risks and uncertainties which may lead to a discrepancy between the
actual figures and those indicated or suggested in these
statements.”
CONTACTSL’ORÉALSwitchboard+33 (0)1 47 56 70
00 |
Individual shareholders and market
regulatorsChristian MUNICH+33 (0)1 47 56 72
06Christian.munich2@loreal.com |
Financial analysts
and institutional
investorsFrançoise LAUVIN +33 (0)1 47 56 86
82Francoise.lauvin@loreal.com |
Media Noëlle CAMILLERI+33 (0)6 79 92 99
39Noelle.camilleri@loreal.com Christine BURKE+33 (0)6 75 54
38 15Christine.burke@loreal.com |
For further information, please contact your
bank, stockbroker of financial institution (I.S.I.N. code:
FR000012031), and consult your usual newspapers or magazines or the
Internet site for shareholders and investors,
www.loreal-finance.com, the L’Oréal Finance app or call the
toll-free number from France: 0 800 66 66 66. 0 800 66 66 66
Follow us on Twitter
@lorealwww.loreal.com
- PR_L’ORÉAL SIGNS AN AGREEMENT TO ACQUIRE YOUTH TO THE
PEOPLE
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