Olive & June founder Sarah Gibson Tuttle has nailed it.
Helen of Troy is acquiring the nail care brand for $225 million in cash and a $15 million earnout subject to performance over three years, the two companies announced Thursday. The acquisition is expected to close before the year end.
Noel M. Geoffroy, Helen of Troy’s chief executive officer, said: “We believe Olive & June is an excellent fit with Helen of Troy both strategically and financially. We see significant opportunities to build on its strengths in consumer obsession and breakthrough commercial and product innovation, in addition to helping expand the brand’s availability with increased distribution. Olive & June complements our existing beauty portfolio and broadens us beyond the hair category, adding a consumables business that is both high growth and high margin.”
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Founded in 2013, the nail care brand plays across all nail care categories — polish, artificial, tools, treatment and care — and quickly became number two in artificial nails within 18 months of launching into the category.
It is sold in 8,000 mass doors, including Walgreens, Walmart and Target, and is the top-selling nail brand at the latter where special collections often sell out almost instantly.
Most recently, struggles in the wider mass market have not impacted Olive & June. It expects 2024 net revenue to be approximately $92 million. What’s more, the introduction of Gel Polish in the third quarter outperformed expectations by over 150 percent.
Gibson Tuttle said: “As we join the Helen of Troy family, a company known for elevating everyday experiences with innovative consumer products, I could not be more thrilled to lead this next chapter of growth for the brand. I have been deeply impressed by Noel’s visionary leadership and look forward to partnering with her and the entire Helen of Troy team. Together, we will continue to innovate, inspire, and deliver on our promise to be the go-to at-home nail solution for everyone, everywhere. I cannot wait to see all that we will accomplish together.”
She will continue to lead the brand as Helen of Troy is planning a stand-alone but supported operating model, with the brand continuing to operate largely as it is operated today except in areas where the company believes it can accelerate Olive & June’s momentum.
Helen of Troy has been getting deeper into beauty over the past few years, mainly focusing on hair — until now. In 2019 it acquired Drybar for $225 million; in 2020 it inked a 100-year deal to use the Revlon brand on hair care appliances and tools; and in 2022 it bought Curlsmith for $15 million.
It intends to update its outlook for fiscal 2025 to include the incremental impact of Olive & June in conjunction with the third quarter earnings release on Jan. 9.
