Unilever announces sale of Kate Somerville brand to Rare Beauty Brands
Unilever PLC on Tuesday announced the sale of the Kate Somerville brand to Rare Beauty Brands, the US cosmetics brand founded by singer and actress Selena Gomez.
The Kate Somerville brand includes skincare, body care, and a clinic on Melrose Place, Los Angeles.
Mary Carmen Gasco-Buisson, chief executive of Unilever Prestige, commented: ‘Over the past 18 months, the team has worked diligently to accelerate Kate Somerville’s turnaround. As the brand enters a new chapter, we believe that its continued growth and success will be best supported by new ownership better aligned to its evolving needs.’
No financial details were disclosed and the transaction is expected to close in the fourth quarter, subject to regulatory approvals.
Shares in the London-based consumer goods firm closed up 1.8% at 4,556.00 pence each in London on Tuesday.
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