French cosmetics giant L’Oréal said on Monday it had signed an agreement to acquire haircare brand Color Wow, as it seeks to tap rapid growth in premium hair products.
Hair care was the second fastest-growing category at L’Oréal last year after fragrances, driven by new launches for specific hair types and conditions.
The company said earlier this year was targeting more innovation and growth in premium hair products, which it sells both online and in salons.
Color Wow, based in the US and Britain, makes products for frizz control and curly hair.
Terms of the deal were not disclosed.
By Makini Brice and Dominique Patton; Editor: Susan Fenton
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