US-based cosmetics brand e.l.f. Beauty has entered into an agreement to acquire high-performance skincare brand Naturium for $355m.

Naturium offers its products at Target, Amazon, and select international retailers. Over the last two years, it registered net sales growth of approximately 80% CAGR.

The acquisition expands e.l.f’s goal to make beauty accessible to every eye, lip, face and skin.

It will double its presence in skin care to approximately 18% of retail sales.

The deal is subject to customary closing conditions and is expected to close around 30 September 2023.

Following the acquisition, e.l.f. Beauty will continue to operate the Naturium business from its headquarters in Los Angeles, California. It will also retain employees.

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The new owner expects the brand to contribute approximately $48m in net sales and approximately $0.04 in adjusted EPS in fiscal 2024.

e.l.f. Beauty chairman and chief executive officer Tarang Amin said: “We are thrilled to welcome Naturium to the e.l.f. Beauty family. Naturium aligns with e.l.f. Beauty’s vision to create a different kind of beauty company with brands built to disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility.

“Nearing two decades in business, we continue to deliver exceptional results. In August, we raised our Fiscal 2024 outlook after posting quarterly net sales growth of 76%, marking 18 consecutive quarters of more than 20% sales growth on average. e.l.f. SKIN is one of the fastest growing skincare brands and Naturium joining e.l.f. Beauty presents a unique opportunity to significantly accelerate the potential we see in skin care.”