Glow Recipe took its first outside investment in a deal with private equity firm North Castle Partners for a minority stake in the business.
WHO: Founded in 2014 by L’Oréal alumni Sarah Lee and Christine Chang, Glow Recipe started out as an organized online destination for K-beauty. In 2017, the duo pivoted the business and launched their first skincare line with fruit-inspired formulas that deliver texture, fragrance and results.
WHY: Funding will go primarily to product development, adding new hires, increasing marketing spending and expanding the business internationally.
IN THEIR OWN WORDS: Sarah Lee, Co-Founder of Glow Recipe, said: “This investment is a key milestone for Glow Recipe and will allow us to accelerate key growth drivers such as product innovation, attracting world-class talent. , international expansion and doubling of our community approach to brand building. “
The partnership “started when I met Sarah and Christine a little over two years ago. I was a huge fan of the brand they built and the momentum they had at Sephora, and the positioning they have created for the brand, “said Rich Gersten, Industry Advisor. at North Castle Partners. “First and foremost, they are great founders with a unique brand proposition. “
Gersten added: “The growth momentum of the company and the strong potential of the brand to expand its product assortment and global distribution position Glow Recipe favorably for long term success. “
- Glow Recipe received a minority investment from North Castle Partners. Financial terms of the transaction were not disclosed.
- The founders launched with a personal investment of $ 50,000, and the North Castle investment is the first outside capital.
- WWD reported Industry sources said the brand hit $ 60 million in retail sales last year and is beating forecasts for 2021.
- The brand said it ranks among the top ten skincare brands among retailers around the world, including Cult Beauty, Mecca and Sephora in Southeast Asia and the Middle East.
- In a 2015 appearance on Shark aquarium, the brand turned down $ 425,000 and experienced triple-digit growth.