Japanese group Shiseido is to acquire US-based prestige skincare brand Dr. Dennis Gross Skincare.
Dr. Dennis Gross Skincare was launched in New York in 2000 by former skin cancer researcher and dermatologist Dr. Dennis Gross, along with his wife Carrie Gross. The brand is known for its Alpha Beta Daily Peels and for bringing expertise from the dermatology practice to retail consumers.
Shiseido says the addition of the brand strengthens its position in the derma-cosmetics doctor-led segment and its business in the Americas. It adds that the move will help it diversify its geographical footprint, as part of its strategy to resolve imbalances in its revenue streams.
As reported earlier this week, Shiseido said it would cut more than ¥40bn ($278m) in costs in 2024 and 2025 in a bid to improve profitability, as well as make investments in the Americas, EMEA and Asia Pacific businesses to drive growth and create a more balanced split of revenue.
Shiseido states that the acquisition will have no significant impact on its consolidated financial results for the fiscal period ending December 2023.