Function of Beauty Announces $150 Million Strategic Investment from L Catterton to Accelerate Growth | News

NEW YORK and GREENWICH, Conn., Dec. 2, 2020 /PRNewswire/ — Perform of Magnificence (the “Firm”), a number one creator of customizable hair, pores and skin, and physique care merchandise, right this moment introduced that it has acquired a $150 million strategic minority funding from L Catterton, the most important and most world consumer-focused non-public fairness agency on the planet. CircleUp and GGV additionally reinvested throughout this spherical. The funding will speed up the Firm’s product growth, help its continued worldwide growth, and construct upon its already industry-leading custom-made manufacturing capabilities.

Perform of Magnificence was based in 2015 by CEO Zahir Dossa, COO Joshua Maciejewski, and CSO Hien Kaplan, with the aim of bringing the advantages of customization to a broad viewers, not solely a privileged few. They took a problem-solution strategy, using every co-founder’s distinctive skillset. Dossa and Kaplan developed the primary proprietary quiz within the {industry}, defining which components and formulations would meet every buyer’s distinctive targets, and Maciejewski created the first-of-its-kind customized manufacturing system to fill every order. Perform of Magnificence is a real world chief, at present promoting its merchandise in 45 markets. Throughout its three areas, Perform of Magnificence employs greater than 400 folks.

In July 2020, Perform of Magnificence launched customizable physique merchandise (physique lotion and physique wash) and rapidly adopted in October 2020 with customizable skincare merchandise (cleanser, serum, moisturizer). These new classes had been adopted quicker by Perform of Magnificence’s buyer base than every other product innovation thus far and are at present among the many highest-rated merchandise the Firm affords.

Perform of Magnificence’s Co-Founders mentioned: “Within the final 5 years, the model has seen phenomenal progress and this funding from L Catterton will additional gasoline our continued growth. We’re excited to associate with a confirmed investor in a few of the world’s main shopper manufacturers to understand the numerous progress alternatives forward. Worldwide growth past our current 45 markets will proceed to be a key precedence, together with the pursuit of latest avenues for progress inside the U.S. as we introduce extra clients to the advantages of customization.”

“Perform of Magnificence has cracked the code of mass customization and is poised to redefine the sweetness panorama,” mentioned Avik Pramanik, a Associate of L Catterton’s Flagship Buyout Fund. “We’re delighted to associate with Zahir, Joshua, Hien, and the Firm’s passionate staff to develop the model. Collectively, we stay up for deploying an much more aggressive progress advertising and marketing technique in home and worldwide markets whereas fostering breakthrough product innovation in haircare, skincare, and extra.”

L Catterton has vital expertise investing globally in differentiated shopper manufacturers together with these within the magnificence and skincare area. Present and previous investments embody The Sincere Firm, Elemis, Bliss, Il Makiage, Frederic Fekkai, Nutrafol, and Tula.

Goldman Sachs & Co. acted as monetary advisor and Cooley LLP acted as authorized advisor to Perform of Magnificence. Gibson, Dunn & Crutcher LLP acted as authorized advisor to L Catterton. The transaction, which is topic to customary closing circumstances, is predicted to shut in fourth quarter 2020.

About Perform of Magnificence:
Function of Beauty is the world chief in customizable magnificence, with hair, pores and skin, and physique care merchandise made for you (and solely you). Based by a dream staff of world-class MIT engineers, beauty scientists, and builders, every product is individually formulated utilizing the newest science and expertise to assist be sure that your formulation are each bit as distinctive as you. There are actually trillions of attainable formulations, and one new customized self-care ritual for you, solely.

Perform of Magnificence was based in 2015, and after they launched in 2016, they rapidly realized that the one strategy to create customizable magnificence merchandise at scale was to discover a totally operational manufacturing facility that match their wants. The issue? That facility did not exist. Tasked with a seemingly inconceivable problem, they determined to do one thing just a little totally different for a brand new start-up: they went forward and constructed their very own state-of-the-art factories from the bottom up. The staff created a very first-of-its-kind facility in Pennsylvania, the place the entire filling tools was designed, constructed, and coded in-house. To this present day, there’s nothing comparable anyplace else on the planet.

For extra info, go to www.functionofbeauty.com

About L Catterton:
With roughly $20 billion of fairness capital throughout seven fund methods in 17 workplaces globally, L Catterton is the most important and most world consumer-focused non-public fairness agency on the planet. L Catterton’s staff of almost 200 funding and working professionals companions with administration groups around the globe to implement strategic plans to foster progress, leveraging deep class perception, operational excellence, and a broad partnership community. Since 1989, the agency has remodeled 200 investments in main shopper manufacturers. For extra details about L Catterton, please go to www.lcatterton.com.

Media Contacts:

Perform of Magnificence
Becca Erdman / Sloane Wimberly
Becca.Erdman@purplepr.com
Sloane@functionofbeauty.com

L Catterton
Andi Rose / Kate Thompson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

— to www.wfmz.com

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