Helen of Troy Limited, designer, developer and worldwide marketer of consumer brand-name housewares, health and home, and beauty products, announced that the company has entered into a definitive agreement to acquire Drybar Products LLC, which includes the Drybar trademark and other intellectual property assets associated with Drybar’s products, as well as certain related production assets and working capital. Drybar is a fast-growing, innovative, trendsetting prestige hair care and styling brand in the multi-billion-dollar beauty industry. As part of the transaction, Helen of Troy will grant a worldwide license to Drybar Holdings LLC, the owner and long-time operator of Drybar blowout salons, to use the Drybar trademark in their continued operation of Drybar salons. The acquisition is expected to close by January 31, 2020, subject to customary closing conditions, including regulatory approvals.
“We are delighted to announce that we have entered into an agreement to acquire Drybar Products, which will add a highly-respected and fast-growing brand to our Beauty business, and an 8th Leadership Brand to Helen of Troy’s portfolio,” said Helen of Troy CEO Julien Mininberg. “Drybar products are winning in the prestige category with premium appliances, liquids, and accessories that resonate with a wealthier, on-trend consumer demographic for use at home and by stylists. The business has more than doubled in size since 2016 and continues to grow at a healthy double-digit rate across a wide array of retailers including ULTA, Sephora, Nordstrom’s, Macy’s, and of course, Drybar salons.”
Mininberg continued, “Strategically, we believe Drybar Products is an excellent fit with Helen of Troy. Drybar will complement our Revlon and HOT Tools products, allowing our brands to resonate with consumers and professionals across the good, better, and best segments. We believe there is excellent upside potential for Drybar Products and we expect to capitalize on our expertise in beauty, appliances, new product development, sales, marketing, category development, and international. Additionally, once we complete the necessary integration activities, we expect to add further value to the business and achieve meaningful synergies by leveraging Helen of Troy’s highly capable shared services through our global sourcing, distribution and back office capabilities.”
“We believe Helen of Troy’s license to Drybar Holdings will create a powerful business relationship that will strengthen the brand’s moat in the industry. Helen of Troy plans to further improve and expand the products business, while Drybar Holdings plans to build out its salon footprint and maintain an exceptional consumer experience. The salons, which feature professional stylists who demonstrate and recommend Drybar products thousands of times a day to a growing clientele, will exclusively use, promote, and sell our Drybar products globally. We are also very pleased to welcome the Drybar products team to the Helen of Troy family at the closing of the acquisition, including its leader, John Heffner.”
Heffner, on behalf of Drybar Holdings LLC, said, “Over the last ten years, Drybar has led a disruption of the traditional salon industry through its market-leading, blowout-only salons and highly successful prestige products. At Drybar, we focus on one thing only—blowouts—and we make sure we are the best at it whether it is with our salon services or the fantastic line up of products that we sell to help our customers re-create or maintain their Drybar look at home. As we look towards the future, I could not be more pleased to join Helen of Troy Beauty and Drybar Holdings could not be more pleased to join forces with Helen of Troy.”
An interview with the founder of Drybar, Alli Webb here.