I tried using setuptools, but was unsuccessful. But here's another method:

Get pip for Python 3

Open a terminal and enter

sudo apt-get install python3-pip

Get the dependencies

Install dependencies listed in Pillow's docs:

sudo apt-get install python3-dev python3-setuptools
sudo apt-get install libtiff4-dev libjpeg8-dev zlib1g-dev \
    libfreetype6-dev liblcms2-dev libwebp-dev tcl8.5-dev tk8.5-dev

Install Pillow

For Ubuntu 13.10+,

sudo pip3 install Pillow

and for 13.04-,

sudo pip-3.2 install Pillow