ref="http://www.cityam.com/company/unilever">UNILEVER said yesterday it has agreed to buy UK cosmetics brand Ren Skincare for an undisclosed price as part of its strategy to bolster its personal care business.
Ren, launched 15 years ago by advertising executives Antony Buck and Robert Calcraft, sells high-end skincare products that use only natural ingredients in over 50 countries including the US.
Group turnover reached around £20m last year, driven in part by its expansion into pharmacies in Scandinavia and France.
“We have been growing very rapidly over the last couple of years and got to a point where it was clear that the brand needed to go to the next level,” Buck told City A.M. “It needed more investment and more resources behind it.”
The deal, which is expected to close in May, forms part of Unilever’s strategy to move away from food and grow its market share in the higher-margin personal care division.