Procter & Gamble is acquiring Walker & Company, a family of brands designing health and beauty solutions for people of color, the companies said in a statement.
Financial terms were not disclosed, but Recode, citing a person familiar with the details, reported an implied value of between $20 and $40 million.
The company was founded in 2013 by CEO Tristan Walker. Its Bevel brand offers a line of razors and shaving products designed for the specific needs of men with coarse or curly hair, and FORM Beauty is a hair care collection developed to meet the unique needs of women with textured hair.
Under the terms of the deal, Walker & Company will operate as a separate and wholly-owned subsidiary of P&G and will move its headquarters from Silicon Valley, California, to Atlanta, where its largest customer base is located. Walker will report to Alex Keith, president of P&G’s global haircare and beauty business. P&G’s headquarters are in Cincinnati.
Walker & Company will have access to P&G’s research and development, on which it spent $1.9 billion in 2017, and marketing, where it spent $7 billion.
“Having access to P&G’s outstanding technology, capabilities, and expertise helps us to further realize that vision, giving us the power to scale and bring new products to people of color, while staying true to our mission and continuing to nurture the loyal community we’ve worked hard to build,” Walker said.
In November, P&G announced a massive reorganization that would divide operations across six industry-based “sector business units.” P&G was forced to cut prices on razors last year amid competition from Harry’s and Dollar Shave Club. Executives say the reorganization will give Walker a cleaner slate to grow his part of the business.
Photo: Bevel/Walker & Company Brands