Tula Skincare was originally founded in 2014 by Dr. Roshini Raj, a practicing gastroenterologist. Since then, the brand has experienced explosive growth, becoming a direct-to-consumer (DTC) powerhouse, with about half of its sales coming from its DTC business. It has also been noted as one of the fastest-growing brands at Ulta Beauty. Last year alone, Tula Skincare reported $150 million in net sales.
“We are really at an inflection point as a brand,” said Tula Chief Executive Officer Savannah Sachs.
“When we look at our beauty strategy, we want to win in beauty in the categories we choose to play in — skin, hair and personal care, categories where the clinical performance of the products makes a difference,” said Markus Strobel, P&G’s president of global skin and personal care.
“We want to win in the industry — in different channels and segments. Wherever we feel that there is a gap in our portfolio, then we want to close it.”
Through the acquisition, Tula Skincare will join a portfolio of other recently acquired companies whose brand values match up with P&G’s Responsible Beauty program. Tula Skincare, for one, has built its brand around beauty positivity and has made a commitment to not retouching materials used in its advertising and changing the language around skincare.
Some of the other brands in the P&G portfolio include SK-II, First Aid Beauty, Farmacy Beauty and hair care company, Ouai, which was acquired last month.
The transaction also represents another successful exit for private investment firm, L Catterton, whose beauty portfolio currently includes IL Makiage, Function of Beauty and Kopari.
