US consumer products company Procter & Gamble (P&G) and California-based vitamin manufacturer Pharmavite announced yesterday that P&G has licensed use of the Olay trademark to Pharmavite to manufacture and market Olay Vitamins, a vitamin line designed to address women's health and beauty needs.
This announcement follows hot on the heals of the announcement last month of a similar joint venture by L'Oreal and Nestle. Olay Vitamins will consist of two product lines, Beauty Nutrients and Wellness Nutrients, that the companies say will make it easy for women to create a personalised supplement regimen to best meet their individual beauty and health needs.
Commenting on the joint venture, Tom Zimmerman, Pharmavite vice president for business development said: "We are thrilled to join with Olay to develop a supplement line that meets the specific health and beauty needs of women everywhere. Olay Vitamins will combine Olay's skin care expertise and Pharmavite's knowledge of women's health and nutritional needs to deliver a line of vitamins that connects, feeds and supports both internal health and external beauty."
In turn Bill Brace, Olay marketing director added: "While we already offer some of the very best products available to improve skin from the outside, we became intrigued with the scientific research linking nutritional intake and skin health."
For P&G this collaboration marks the latest in a series of external business agreements designed to combine its trademarks, technology and/or know-how with outside companies to deliver mutually positive business results.