Unilever Acquires REN Skincare
FAST Moving Consumer Goods (FMCGs) giants Unilever Plc, has signed an agreement to acquire REN Skincare, the iconic British Skincare brand. The acquisition deal expected to close in May 2015 is subject to regulatory approvals. REN brand sold in 50 countries including the U.S. at premium prices. Speaking on the development in Nairobi, Unilever Senior Vice President for prestige brands, Vasiliki Petrou said, “its premium positioning complements well our existing portfolio.” Presenting his position, REN CEO, Anthony Buck said the brand has been built for over 15 years and selling it to Unilever will take it to the next level. In developed countries, Unilever is attempting to premiumise its personal-care range in a bid to steal share from market leaders L’Oreal and Procter & Gamble. In 2014, the company created a prestige division, which sells high-end cosmetics and $15 tubes of toothpaste. REN’s most expensive skin-care products sell at more than $50 for 30 milliliters Sources has it that the move to buy REN is likely to satisfy investors, who have long pushed Unilever Chief Executive Paul Polman to expand further into personal care.