Sunny days: Bondi Sands offloaded to Japan’s Kao for $450m

afr.com:

Homegrown self-tanner and skincare brand Bondi Sands has been offloaded to Japan’s chemical and beauty giant Kao Corporation in a cash deal estimated to be worth $450 million.

The Tokyo-listed Kao owns skincare brands Bioré and Jergens, salon haircare brands Oribe and KMS, and fragrance brand Molton Brown.

Its subsidiary in the United States has penned an agreement to buy all of Bondi Sands, which was created 11 years ago by Melbourne businessmen Blair James and Shaun Wilson.

Bondi Sands founders Blair James (left) and Shaun Wilson. Chris Hopkins

Mr Wilson’s father, former Australian rules footballer Garry Wilson, was a seed investor and shareholder. It is believed the three men each owned one-third of the business.

Mr James will stay on as creative director, and chief executive Mr Wilson will remain in the top job at Bondi Sands, which makes products such as Pure Self Tanning Face Mist and Coconut & Sea Salt Body Scrub.

It claims to be the world’s largest player in the DIY tan market. It has a fast-growing business in the US and Britain, where its products are sold in Boots and Tesco.

Bondi Sands – inspired by Australia’s most famous beach – launched in 2012 but recalled its first batch after it turned customers green.

Mr Wilson said the integration of Kao’s scientific and technological resources was “an unparalleled opportunity” to grow Bondi Sands.

“With this partnership, we can now confidently explore untapped markets, reach more customers around the world and continue to fulfil our company mission,” he said.

Citi’s retail investment bankers had pitched the business to potential trade and private equity buyers in 2021, but the offers valued Bondi Sands at $320 million, insufficient to strike a deal. The vendors