US-based retail company Target has agreed to acquire the DermStore Beauty Group, a portfolio of websites whose mission is to innovate the way beauty consumers shop online. The acquisition offers a strategic growth opportunity for 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. Following the transaction closing, DermStore will become a new, wholly owned subsidiary of Target. It will continue to operate as a separate entity under its online name, DermStore.com.
“There is no doubt that the online beauty market is growing rapidly, and this unique opportunity enables Target to gain insight into the superior, online customer experience that DermStore provides. 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,” says Casey Carl, president of multichannel and senior vice president, enterprise strategy for Target.
“DermStore’s success was built on understanding the beauty market and catering to shoppers seeking a wide array of prestige products, exceptional service and product expertise. Our customers have come to trust us to consistently deliver a quality experience and we are confident that this acquisition will benefit Target’s guests and expand Target’s online market share,” adds Dan Obegi, current CEO of DermStore who will be president of the wholly owned subsidiary and will report to Carl.
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