L’Oréal has signed an agreement to acquire Youth to the People, a California-based skincare company that takes inspiration from superfood extracts.
The company was founded in Los Angeles in 2015 by two cousins, Greg Gonzalez and Joe Cloyes.
The founders were inspired by their grandmother, Eva, who started a professional skincare line 40 years ago, based on plant extracts and active ingredients.
Joe Cloyes, founder and CEO, and Greg Gonzalez, founder and 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 realise 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.”
Investors in the brand include Sandbridge Capital, Strand Equity, and Carisa Janes.
L’Oréal Acquisition
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. [...] 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."
The transaction is subject to standard regulatory approvals and other customary conditions, L’Oréal said.
Recently, Nestlé said that it plans to cut its stake in the French cosmetics giant to about 20%, by selling shares worth €8.9 billion.
Youth To The People
Youth to the People develops and markets skincare products from formulas that combine vegan blends of superfood extracts and science.
Available in the US, Canada, Australia, and in select European countries, the brand is marketed through an omnichannel distribution, a mix of D2C e-commerce and selective distribution.
The brand is expected to record over USD 50 million in sales in 2021, L’Oréal noted.
© 2021 European Supermarket Magazine. Article by Conor Farrelly. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
