Japanese company Pola Orbis Holdings is buying Australian skincare company Jurlique for approximately $300 million.
The buy-out comes after Jurlique narrowed its net losses over the past three years, however the company was still in the red for financial year ending in June. Julrique posted a net loss of $592,000 on revenue of $84.08 million for that period, according to Pola.
Pola Orbis Holdings says the acquisition will strengthen its presence in Australia, New Zealand and Asia, while Jurlique have expressed their excitement over the new partnership.
I look forward to working closely with Pola to pursue opportunities to further accelerate growth on a global scale; both in terms of greater penetration of existing multichannel distribution and geographic expansion,” said Jurlique’s president and chief executive Sam McKay.
