LVMH Invests in Spa Brand Irene Forte Skincare
- Chaileedo Press
- Jul 19, 2023
- 2 min read
Industry insiders believe the brand will reach about $2 million in retail sales in 2022.
Irene Forte Skincare has received a minority investment from L Catterton, according to WWD. Specific terms of the deal were not disclosed at this time.
Irene Forte Skincare is the eponymous skincare brand founded in 2018 by Irene Forte, who is reportedly the daughter of Sir Rocco Forte, the head of Trusthouse Forte, the UK's largest hospitality giant. The brand was initially founded as a brand dedicated to the spa at her father's hotel. After the pandemic outbreak, the spa was forced to close and the brand turned to retail.
The brand is said to be certified as a vegan and co-beneficial enterprise and is currently available at select retailers around the world, including specialty retailers and department stores such as Bluemercury, Amazon Luxury, Bergdorf Goodman, Saks Fifth Avenue and etc.
The brand refused to provide sales figures. But according to WWD, its sales are up 100% year-over-year. Industry insiders believe the brand will reach about $2 million in retail sales in 2022, with the U.S. market accounting for a third of revenue.
“The business has done extremely well with 100 percent growth year-on-year, but it was never heavily funded,” said Forte of the decision to team up with L Catterton a few years after raising a seed round led by an angel investor.
Irene Forte Skincare said the partnership with L Catterton will put a strategic focus on expanding the business and growing the team, which launches in the U.S. and throughout Europe in 2021.
(Credit: Irene Forte Skincare official website)
Michael Farello, Managing Partner of L Catterton's Growth, said, "Irene Forte Skincare is a very unique brand that is quickly building a reputation as a sustainability pioneer in the beauty industry, while utilizing the power of natural ingredients and the highest standards of scientific research. " Fund. "We look forward to working with Irene and the team to achieve long-term growth and continue their track record of fast-paced, industry-leading innovation."
L Catterton's current and past beauty investments include Tula, Merit, Oddity (parent company of Il Makiage), Bliss, Function of Beauty, The Honest Company, Elemis, Nutrafol, Intercos and Marubi.
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