CINCINNATI (AP) – The Procter & Gamble Co. (PG) is adding luster to its beauty business, making a deal Tuesday for a luxury hair care brand.
The Cincinnati-based consumer products company is acquiring New York-based Frederic Fekkai & Co., which includes high-end hair care products and salons.
The agreement, subject to regulatory approval, is part of a P&G focus on building its high-margin, fast-growing beauty business. Terms with private equity firm Catterton Partners weren't disclosed.
“Fekkai is a strategic fit for our hair care portfolio and a demonstration of our desire to win with key brands in the prestige channel,” said Randall Chinchilla, a spokesman for P&G's beauty business.
The French-born Fekkai will have an ongoing role, P&G said.
“He will continue to drive creative efforts, brand image and product developments,” Chinchilla said.
Fekkai said in a statement that he looks forward to building on his company's success with “a partner who shares our vision of creating a truly global brand that is synonymous with creativity, elegance and style.”
Besides hair care products for women and men, Fekkai has salons in New York City, Los Angeles, Beverly Hills, Dallas and Palm Beach, Fla., with more planned, including one opening this spring in Greenwich, Conn.
The acquisition would add to P&G's line of upscale beauty products that includes SK-II skin care and Hugo Boss fragrances. The company, whose biggest-selling brands include Pantene and Head & Shoulders shampoos, makes a range of household products from Tide detergent to Pampers diapers to Gillette shavers.