Tristan Walker’s black-owned grooming company Walker & Company has merged with household goods giant Procter & Gamble. For some people that have been following Walker & his company for a while, this may not be surprising news. Just a little over 4 years ago in a 2014 Fast Company article, Walker exclaimed that he wanted his company to become the “Procter and Gamble for people of color” This merger will help Walker & Company bring more inclusive brand and products into the market.
Walker and his 6 year old company gained popularity after introducing the revolutionary grooming brands Bevel and FORM.
“When I started Walker & Company Brands, I set out to build a company that would meet the health and beauty needs of people of color on a global scale,” Walker & Company Brands CEO Tristan Walker said. “Having access to P&G’s outstanding technology, capabilities and expertise helps us to further realize that vision.
“We’ve always had the vision to make health and beauty simple for people of color,” he told the magazine. “But now we get to accelerate that vision with the many capabilities Procter & Gamble has to offer. I’m not going anywhere. We’re not going anywhere.” Walker is moving the company in Atlanta, and will focus heavily on introducing new products to their target market.
Since the news reached headlines, the cost of the merger has been in question. Apparently, Proctor and Gamble may have paid several million dollars to merge according to Recode’s Jason Del Ray.
The companies did not disclose the financial terms of the deal, but a person familiar with the details told Recode that investors recouped the majority, but not all, of the nearly $40 million they invested in Walker and Company. That means Procter & Gamble paid somewhere between $20 million and $40 million for the startup.
For P&G, this merger is right on time because they are trying to find new ways to generate interest among Millennial customers and Black Millennial men. Based on Walker’s experience and knowledge on selling to the Black Millennial community – this merger will be beneficial to both parties.
“[When it comes to] direct-to-consumer, we have the capabilities here, but nowhere near the extent [Walker]’s mastered and leveraged,” said Lela Coffey, brand director for multicultural marketing at P&G. “His agility is super-fast. The amount of products he’s been able to bring to market, we need to learn something about that speed.”
Congrats to Walker! We cannot wait to see what’s next for him!