We now aim to build a business worth at least $3.380 billion over the next few years through digital commerce, innovation, acquisitions and expansion.
According to a news release on Unilever’s official website, the premium beauty division is one of the fastest growing parts of Unilever’s business with its annual turnover amounting to about $1.132 billion this year.
Founded in 2014, Unilever’s premium beauty division has acquired nine brands including REN, Dermalogica, Kate Somerville, Living Proof, Hourglass and others. Its turnover reached $786 million in 2020 and achieved double-digit strong growth in its latest results in 2021. Vasiliki Petrou, executive vice president and group CEO of Unilever Premium Beauty, said, “We now aim to build a business worth at least $3.380 billion over the next few years through digital commerce, innovation, acquisitions and expansion.”
Unilever Premium Beauty includes three segments: clinical skin cosmetics, cleansing and clinical and high efficacy. Clinical dermocosmetics includes the professional skincare brand Dermalogica, the physician-led clinical and wellness brand Murad and Kate Somerville, which has an offline clinic in Los Angeles. Clean and clinical business includes the French brand Garancia, the clean beauty brand REN and the newly acquired Paula’s Choice. High-efficacy brands include harmless beauty brand Hourglass, hair care brand Living Proof and Japanese skincare brand Tatcha.
Vasiliki Petrou also said that social media and e-commerce were also huge momentum for Unilever’s premium beauty division as its more than 50% of turnover coming from online sales. Online sales are accelerating for all types of products – but for premium beauty brands, direct-to-consumer sales have always been a priority.
For the future, Vasiliki Petrou says digitalization and innovation will be the main growth for Unilever. Around 70% of consumers worldwide search and buy products through social platforms and Unilever’s brands have moved quickly into this channel. Its brand Dermalogica on TikTok has succeed and it also launched a virtual reality store.
