Vegan cosmetics brand e.l.f. Beauty is tapping into the clean beauty market with the acquisition of W3ll People.
The company has acquired the cruelty-free, clean beauty brand for US$27mil (RM114mil), it has announced, marking its first strategic extension.
"Clean beauty is a strategically important segment given consumer sentiment and strong growth rates," said Tarang Amin, e.l.f. Beauty chairman and CEO, in a statement, later adding: "W3ll People is rooted in a deep and passionate understanding of clean beauty and shares our mission of making the best of beauty accessible. We believe that W3ll People's 12 years of clean beauty experience and high-quality product line, in combination with e.l.f.'s multiple strengths from operations to marketing, will be attractive to our retail partners – including Target, our longest-standing customer."
"W3ll People has a remarkable history of breaking beauty boundaries, and the acquisition by e.l.f. is an incredible milestone in our effort to make clean beauty accessible," added the brand's co-founder James Walker. "We feel tremendously grateful for our brand's success and the extraordinary team that helped build it."
Since being launched in 2008, W3ll People has garnered a reputation for cruelty-free, plant-based products formulated without fillers, propylene glycol, petrochemicals or petroleum byproducts.
The line includes 40 EWG verified products, and is stocked at Target, Whole Foods and Ulta.com, as well as in speciality retailers.
E.l.f. has cultivated a reputation for fun, vibrant makeup at affordable prices since it was founded in 2004, specialising in affordable, prestige-inspired cosmetics that are 100% vegan and cruelty-free. – AFP Relaxnews
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