US mass retailer Target (1,856 stores, including 1,788 in the United States and 68 in Canada, and a webstore at Target.com) has entered into an agreement to acquire the DermStore Beauty Group. “The acquisition positions Target to expand its share of the rapidly evolving online beauty market and will further differentiate the company’s offerings in this important retail segment,” said Target.
DermStore will become a wholly owned subsidiary of Target but will continue to operate as a separate entity under its online name, DermStore.com
“There is no doubt that the online beauty industry is growing rapidly, and this unique opportunity enables Target to gain insight into the superior, online customer experience DermStore provides,” added Casey Carl, president of Multichannel and senior vice president, Enterprise Strategy, Target. “Not only will DermStore’s 750-plus brands offer Target expanded breadth across the beauty and skincare industries, but also access to exceptional content and helpful resources we know consumers want.”
The transaction is expected to close within 60 days. Financial terms are not being disclosed.
