NEW YORK, July 19 — Cult skincare brand First Aid Beauty has been snapped up by Procter & Gamble.

The corporation, which counts Olay, Aussie, Herbal Essences and SK-II as part of its portfolio, stumped up an estimated US$250 million (RM1.02 billion) to secure its new acquisition, WWD reports.

According to First Aid Beauty’s founder and CEO Lilli Gordon, the move will allow the brand to focus on increasing its global presence and explore product development options. Meanwhile, Markus Strobel, president of P&G’s global skin and personal care, told WWD: "We’re looking in our skin-care portfolio for brands that complement our portfolio in benefit spaces where we’re currently not present, or in segments of the market where we’re not present, and First Aid Beauty fits the bill pretty well.”

Since being founded in 2009, First Aid Beauty has developed a reputation for science-based skincare and makeup that spans everything from moisturisers and serums to acne clearing pads and sunscreen. The collection is sold online, as well as at Sephora and Ulta Beauty. — AFP-Relaxnews