Unilever has agreed to buy fast-growing premium haircare brand K18 as it continues to shake up its stable of brands.
The deal, for an undisclosed sum, comes after Unilever sold off some of its weaker performing brands in recent months.
Earlier this week, the consumer giant announced it will sell a group of more than 20 brands including Timotei shampoo and Impulse body spray to private equity firm Yellow Wood Partners.
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Unilever, which employs 2,000 people in the North West and has a key research centre at Port Sunlight, also sold off its Dollar Shave Club business in October.
K18 meanwhile is a rapidly growing business specialising in hair masks and other products to address hair damage, with celebrity fans including Hailey Bieber and Selena Gomez.
The brand, which was founded in 2020 by Suveen Sahib and Britta Cox, has been buoyed by surging popularity through social media, recording around 20 billion TikTok views.
Vasiliki Petrou, Unilever Prestige chief executive officer, said: “We are thrilled to continue to grow our Unilever Prestige portfolio in high-growth premium spaces with the addition of K18.
“This acquisition complements our fast-growing portfolio of premium, culturally relevant consumer brands.
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“What Suveen, Britta and the team have created is a testament to the importance of brands built on unparalleled science, product efficacy and community love.”
Suveen Sahib, co-founder and chief executive officer of K18, said: “Nature is the best designer, and we’ve found that by understanding the biology of hair you can achieve true hair health and hair expression with less product, less time, and less frustration.
“We are elated to join forces with Unilever, who sees the value in our unique biology-first and biotech approach that is more sustainable and efficacious.
“Our team is proud to join its prestige beauty business of future forward brands that deliver true impact.”