Cosmetics giant L’Oréal has signed an agreement to acquire Californian skincare brand Youth to the People. The brand is known for producing high-performance vegan products containing superfood extracts.
Youth to the People is currently available in the US, Canada, Australia, and some European countries. The company is expected to record over $50 million in sales in 2021 and has received support from investors Sandbridge Capital, Strand Equity, and Carisa Janes.
Cousins Greg Gonzalez and Joe Cloyes founded Youth to the People in 2015, inspired by their grandmother who created a similar skincare line 40 years ago. The brand is marketed through a mix of D2C e-commerce and selective distribution.
L’Oréal targets the vegan market
Many vegans choose to boycott L’Oréal, as the company still tests on animals in order to sell its products in China. Consequently, the new acquisition could be seen as an attempt by L’Oréal to target the increasing number of conscious consumers who prefer to buy vegan products. The French company seems to have been pursuing this strategy for a few years — in 2018, it acquired Logocos, another natural vegan cosmetics brand.
“We are very pleased to welcome Youth to the People brand, its founders, and fantastic teams,” said Cyril Chapuy, President of L’Oréal Luxe. “Because of its solid reputation and remarkable product quality, Youth to the People is a favorite among all genders. The brand’s core values and distinctive spirit, reflected in its initiatives to amplify diverse voices, build a fairer world and enhance consciousness of the planet, will be further celebrated at L’Oréal not only because they are precious to us, but because they are very true to our own values.”