Kao Corporation has announced in a press release that its Australian subisidiary has reached an agreement with Bondi Sands whereby the Australian company will become the property of the Japanese giant.
Kao already owns well-known brands in the beauty sector such as John Frieda or Jergens. Bondi Sands is a brand that was founded in Australia in 2012 with skin care products in its portfolio and also self-tanning products. The brand is distributed in more than 32 countries, including Australia, the United Kingdom and the United States.
As the company states in its own press release, with this transaction, Kao Group positions skin care as one of the key drivers of growth in the medium term.
The deal, according to beauty industry media such as Cosmetics Business, is reportedly valued at around $450 million.
"Bondi Sands is a brand that fits perfectly into Kao Consumer Care's product portfolio. The addition of Bondi Sants to our family of brands will be a major step forward in our mission to lead the global skin care business," said Karen Frank, President of the Consumer Care Business in the Americas and EMEA. Shaun Wilson, co-founder and CEO of Bondi Sands added, "The integration of Kao's renowned scientific and technological resources into our operations is an unprecedented opportunity that will contribute significantly to the exponential growth of our brand, allowing us to further expand our product offerings and advance our research and development initiatives. With this partnership, we can now confidently explore untapped markets, reach more customers around the world and continue to deliver on our company's mission."