Procter and Gamble has acquired black-owned beauty and grooming startup Walker & Company Brands.
Walker & Company Brands gained popularity after releasing beauty products tailored to people of color and the newest acquisition from Procter and Gamble could reflect a desire for the company to bring more inclusive brands and products into the fold.
Walker & Company Brands currently makes Bevel, a grooming product geared toward men of color and FORM, a haircare line for women of color.
“When I started Walker & Company Brands, I set out to build a company that would meet the health and beauty needs of people of color on a global scale,” Walker & Company Brands CEO Tristan Walker said. “Having access to P&G’s outstanding technology, capabilities and expertise helps us to further realize that vision.
According to reports, Proctor and Gamble could have paid anywhere between $20 million and $40 million for the company. Here’s more from Recode’s Jason Del Ray.
The companies did not disclose the financial terms of the deal, but a person familiar with the details told Recode that investors recouped the majority, but not all, of the nearly $40 million they invested in Walker and Company. That means Procter & Gamble paid somewhere between $20 million and $40 million for the startup.
Del Ray also points out that while it’s not a huge financial win, the move can have big benefits for both sides. Walker and Company will have access to P & G’s research and marketing, and will be able to work with a company that has a foothold in supply chain.
Walker is also moving the company in Atlanta, a move that makes sense since that’s where a large portion of the company’s customers are located.