Originally published December 28, 2009 at 10:43 AM | Page modified December 28, 2009 at 6:47 PM
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Drugstore.com agrees to buy SkinStore.com
Bellevue-based drugstore.com announced this morning that it has entered into an agreement to acquire Salu in a $36 million half stock and half cash transaction.
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Bellevue-based drugstore.com announced this morning that it has entered into an agreement to acquire Salu in a $36 million half stock and half cash transaction.
Salu owns and operates SkinStore.com, an online retailer of clinical skin care and beauty products. Additionally, Salu has distribution capabilities in Australia and operates the spalook.com webstore for Sandow Media, parent company of NewBeauty Magazine. In 2009, Salu is expected to generate at least $40 million of revenue and $500,000 of net income. Under the agreement, Salu will continue to focus on its brands and exceptional customer experience and will operate in Sacramento, Calif. The transaction is expected to close before the end of March.
"Beauty is a cornerstone of our growth strategy, and we are delighted to expand our footprint with the addition of SkinStore.com to our online portfolio," said Dawn Lepore, CEO and chairman drugstore.com.
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