Olive & June Joins Helen of Troy for $240M Deal

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Olive & June, a leading nail care brand, will be acquired for $240 million. This includes a $15 million earnout, tied to performance over the next three years. The company’s founder and CEO, Sarah Gibson Tuttle, will remain in her role as part of the agreement. Helen of Troy plans to keep Olive & June as a stand-alone business, ensuring continuity in operations and brand identity.

The brand began in 2013 with a nail salon in Beverly Hills. It later shifted focus to at-home nail care products. The Mani System, a comprehensive kit including nail polish, remover, and the innovative Poppy tool, became its signature offering. This pivot to at-home solutions proved critical during the pandemic when salon closures drove consumer demand for DIY nail care.

In 2020, the brand’s website traffic soared by over 230%. With its strong direct-to-consumer presence, it also secured retail partnerships. These include placements in major stores, enhancing its accessibility and visibility. Over time, the product line expanded to include press-on nails and gel polishes, further diversifying its offerings.

Helen of Troy aims to strengthen its beauty portfolio with this acquisition. Olive & June’s projected 2024 revenue of $92 million highlights its growth potential. Helen of Troy expects the acquisition to boost revenue, profit margins, and earnings per share.

The parent company’s beauty and wellness segment saw sales drop 7.7% recently. This decline stemmed from weaker demand for certain appliances and wellness products. However, Olive & June’s performance is expected to offset these challenges and drive future growth.

Olive & June’s innovative approach and strong market position align with Helen of Troy’s strategic goals. By maintaining the brand’s management team, they aim to leverage its expertise and consumer trust. This acquisition marks Helen of Troy’s first entry into nail care, adding to its diverse portfolio of brands in beauty, wellness, and lifestyle.

This deal reflects a strategic step forward for both companies. As the transaction nears its conclusion, Olive & June is set to achieve greater reach while preserving its unique identity.