Shiseido Co. Ltd. said Oct. 8 that it agreed to acquire U.S.-based skincare brand Drunk Elephant Holdings LLC through U.S. arm Shiseido Americas Corp.
Financial details of the transaction were not disclosed.
Drunk Elephant was founded in 2012 by Tiffany Masterson as a cross-generational brand for all skin types. The Japanese cosmetics producer said the move is aligned with its Vision 2020 goal of accelerating growth through strategic partnerships.
It also said the acquisition will boost its position in the global prestige skincare market.
"Drunk Elephant is built on a strong brand foundation and a unique philosophy that fits perfectly with Shiseido's values and skincare heritage," Shiseido Americas CEO and Shiseido Chief Growth Officer Marc Rey said.
Drunk Elephant is expected to operate within Shiseido Americas upon closing of the transaction. Masterson will continue as chief creative officer and assume the role of president, reporting directly to Rey.
The transaction is expected to close before the end of the year, subject to customary closing conditions and regulatory approvals.
Jefferies LLC acted as financial adviser to Shiseido Americas, while Jones Day served as legal counsel. Financo and Moelis & Co. LLC acted as financial advisers for Drunk Elephant, while Sidley Austin LLP served as legal counsel.
