Skin care brand Drunk Elephant is said to be exploring the possibility of a sale, according to a report published by Business of Fashion.
Founder Tiffany Masterson told Business of Fashion that the brand is working with investment banks Financo and Moelis & Co to look into a possible sale this year. Sales reached US$150 million last year and industry analysts have pegged the price at more than US$1 billion.
The brand has received interest from buyers in the past, with suitors including The Estee Lauder Companies if rumors are to be believed.
“I’ve never seen anything move and take off so quickly,” CEO Tim Warner said in an interview back in October. “I’ve been with other brands that have definitely taken market share and caught everyone by surprise – but this is super fast.”