Following the transaction closing, expected to be completed in 60 days, DermStore will become a new, wholly owned subsidiary of Target. DermStore will continue to operate as a separate entity under its online name, DermStore.com. Target believes this transaction presents a strategic growth opportunity; however, there will not be any material impact to Target's 2013 results.
Dan Obegi, current CEO of DermStore, will be president of the wholly owned subsidiary and will report to Casey Carl, president of Multichannel and senior vice president, Enterprise Strategy, Target. DermStore also operates HairEnvy.com and Blush.com. This move by Target follows its recent acquisition of CHEFS Catalog and Cooking.com earlier in 2013.