L'Oréal Groupe has announced the signing of an agreement to acquire a majority stake in UK-based Medik8. The high-end skincare brand - known for its iconic Crystal Retinal serum and its patented CSA Philosophy: Vitamin C and Sunscreen by Day approach - will become part of the L'Oréal Luxe division with "strong global growth potential."
Inflexion, a European private equity firm, will remain a minority shareholder. The founder will continue to sit on the Board of Directors, and the current management team will also remain in place.
While remaining true to its origins in the professional world of clinics, the brand founded by scientist Elliot Isaacs has also evolved towards a diversified omnichannel model, both on-line and off-line, and is today present in Europe's leading selective retail chains and enjoys a growing footprint in the United States.
"We are delighted to welcome Medik8 to the L'Oréal family. With a premium skincare range combining high efficacy and affordable price points, Medik8 perfectly complements our existing skincare portfolio, explains Cyril Chapuy, General Manager - L'Oréal Luxe. Convinced of Medik8's global potential, we are enthusiastic about embarking on this adventure together and making it an international success."
"It's an exciting day for Medik8, points out Simon Coble, CEO of Medik8. I'm delighted to be joining forces with a company that shares our vision for the future growth of the brand, and whose core values are aligned with our deep commitment to science, innovation and, above all, uncompromising results. I look forward to the next stage of the Medik8 adventure, and to working together to bring our innovative products to a wider audience."
L'Oréal will consolidate Medik8 sales from the closing date of the transaction.
Under this agreement, L'Oréal also acquires the full buy-out rights of the minority shareholders.
The transaction is expected to close in the coming months, following regulatory approvals and other customary closing conditions.
