L’Oréal continues acquisition spree with Pulp Riot buyout
The French cosmetics giant, which earlier this month bought South Korean brand Nanda, has taken over a hair colour brand launched in 2016 by David and Alexis Thurston in the United States.
L’Oréal goes on with purchasing strategy to strengthen its global empire. The cosmetics giant has closed the purchase of Pulp Riot, a hair color brand launched just two years ago. The operation, whose value wasn’t disclosed, occurs only a few weeks after the French juggernaut bought South Korean makeup brand Nanda.
Pulp Riot was founded in 2016 by David and Alexis Thurston. The company is dedicated to sell professional haircare products, while organizing workshops and paid training courses in different cities worldwide.
Following the deal, David Thurston will remain as CEO of Pulp Riot and will continue to be based at the brand’s headquarters in Los Angeles. L’Oréal explained that since its launch, the firm has transformed the hair color market by creating “industry-leading content, and using social media to effectively inspire and educate stylists across the world”, as quoted by WWD.
Pulp Riot, founded in 2016 by David and Alexis Thurston, closed 2017 with sales of eleven million dollars (9.4 million euros)
Pulp Riot has more than 675,000 followers on Instagram and ended fiscal 2017 with sales of eleven million dollars (9.4 million euros). The acquisition of this firm by L’Oréal joins the recent purchase of South Korean brand Nanda.
The French cosmetics group ended last fiscal year with a 15% increase in net profit over the previous year, to 3.5 billion euros. Company sales rose only 0.7% in the period, to slightly exceed 26 billion euros.
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