The race is on to land OSEA.
Shiseido is said to be eyeing the brand for a potential deal, multiple industry sources told WWD.
WWD reported in March that OSEA had tapped Raymond James to explore options.
The sources said multiple parties are looking at OSEA, and that Shiseido is particularly interested in the brand.
A spokeswoman for Shiseido said: “As a matter of policy, Shiseido does not comment on market rumors or speculation.” OSEA did not respond to a request for comment; Raymond James declined to comment.
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OSEA, which was founded by mother and daughter Jenefer and Melissa Palmer in 1996, derives its name — an acronym for ocean, sun, earth and atmosphere — from the seaweed blend and other botanicals it incorporates into its products.
Among its hero products, its Undaria Algae Body Oil was named one of the greatest skin care products of all time by WWD Beauty Inc in February. Other top sellers include its Anti-Aging Body Balm, Hyaluronic Sea Serum and Collagen Dream Night Cream.
Sources pegged the brand’s net sales at around $100 million annually, about an even split between retail and the brand’s website. It is available at Ulta Beauty, in addition to Nordstrom and smaller specialty retailers.
Shiseido’s last skin care purchase happened in December when it announced it had acquired Dr. Dennis Gross Skincare. Terms of the deal were not disclosed, but the brand was understood to be on track to surpass $300 million in retail sales in 2023.
The acquisition was viewed by Shiseido as a move to strengthen its core prestige skin care business, which includes brands Shiseido and Clé de Peau Beauté.
Most recently, Shiseido entered into a long-term fragrance license with Max Mara, under which the Japanese beauty giant will develop, produce and distribute fragrances under the Italian luxury fashion house.
