Shiseido Group has acquired skincare brand Drunk Elephant for $845m to expand its global presence.
Drunk Elephant founder and chief creative officer Tiffany Masterson will remain the company's chief creative officer while assuming the role of president, as well. She will report directly to Marc Rey, chief growth officer of Shiseido and chief executive officer of the company's American branch.
According to a spokesperson for Shiseido, Shiseido's Global Innovation Center and Digital Center of Excellence will provide a wealth of expertise and a unique support network, maximizing Drunk Elephant's opportunities for growth and development across all channels.
"Drunk Elephant will be able to leverage Shiseido's global platform and resources to expand into new and existing markets both in the Americas and internationally including Europe and Asia," he added.
Tiffany Masterson said: "Our prices will not be increased. And we'll remain cruelty-free. I wouldn't have signed on for this unless both parties could agree. Fortunately, we wanted the same things; we share like values. I feel so honored to join this global powerhouse.
"The best part, in my opinion, is that we'll be able to act more quickly to accomplish a few things that you all have told us are very important to you and are also important to us: 1. Attain sustainability across the brand. 2. Get to the markets who have been requesting the products. 3. Share our philosophy in a louder way, spreading awareness so that we can hopefully help more people reconnect with their skin all over the world. 4. Ignite our anti-bullying campaign on a bigger stage. We are feeling excited and positive and a little overwhelmed (in a great way)."
The Drum earlier spoke with Pranay Mehra, vice president of digital and e-commerce at Shiseido Asia Pacific to find out how Shiseido is planning to thrive as consumers change the way they buy beauty products.