Finnish beauty company Lumene Group has acquired Swedish beauty brand Ida Warg Beauty. Lumene Group says the transaction further strengthens its position in the Nordic markets, and is part of its international growth strategy.
Ida Warg Beauty was founded in 2018 by Ida Warg and offers vegan self-tan, haircare and bodycare products at accessible prices. Lumene Group says the brand has grown rapidly in the past five years, achieving net sales of €12m in its latest fiscal year.
Ida Warg and the company’s current employees will continue to work for the brand as part of the Lumene Group team. The company says the acquisition does not involve any immediate changes at Lumene or in Ida Warg teams, product ranges, categories or in their production.
Lumene Group did not disclose further details of the transaction, which was signed on December 20, 2023.
Lumene Group says it saw record net sales of more than €82m in 2023 (excluding Russia). The company’s portfolio comprises three brands: Core skincare and make-up brand Lumene, professional hair and scalp brand Cutrin and professional haircare brand sold only in salons Promise.
Adrian Innergård, CEO at Lumene Group, said: “Our ambition is to double the business over the next five years through adding international scale, while continuing to lead the growth in the Finnish beauty categories. Growing Ida Warg Beauty in parallel with Lumene will generate significant resources to invest further in efficient marketing, building winning team capabilities and ensuring our Finnish factory continues to be a competitive advantage for the Lumene Group.”