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While other categories have slowed over the past few years, beauty has remained a juggernaut, with Circana noting the segment is the fastest-growing among those it tracks.
This has in turn led to a huge spike in M&A activity, from venture capitalists betting on the next big thing to strategics strengthening their portfolios — to everything in between.
Just take venture capital. According to Pitchbook, the amount of VC money in beauty surged from barely anything at the turn of the century (there were literally two beauty VC deals in 2003) to billions of dollars annually.
But just who are the finance power players behind the deals, big and small?
WWD Beauty Inc has created a definitive index of the ecosystem with this, our inaugural Financial Power Player list. On it, you’ll find today’s most influential dealmakers divided into five key categories: investment bankers, strategics, private equity, venture capital, and family office and angel investors.
As for the beauty landscape they are operating in, 2024 is proving to be interesting for M&A.
After skin care reigned for many years, several makeup brands — Glossier, Kosas Cosmetics, Merit and Jane Iredale — came to market this year. Rare Beauty has also reportedly hired bankers, although sources insist that an official process has yet to be launched.
So far, none of these have transacted.
Skin care, meanwhile, is still showing signs of life with Bridgepoint kicking 2024 off by acquiring RoC Skincare. Also in January, Puig acquired a majority stake in Dr. Barbara Sturm.
Summer Fridays, the brand founded by influencers Marianna Hewitt and Lauren Ireland in 2018, which first came to prominence for its Jet Lag Mask and later its lip assortment, has received strategic growth investment from private equity firm TSG Consumer Partners.
Most recently, Byoma ventured into market, while Osea did, too.
Concurrently, wellness is coming more into the scope than ever before as the new frontier for beauty investors.
After Unilever snapped up Nutrafol at a supposed $1 billion valuation in 2022 and Compass Diversified acquired The Honey Pot Co. in a deal with an enterprise value of $380 million, investors are looking for more opportunities in the category.
Longevity is one of them. L’Oréal, through its venture capital fund BOLD, took a minority stake in Timeline, a Swiss biotech company developing solutions for longevity in the food, beauty and health sectors, and also took a 10 percent stake in Galderma earlier this year.
The finance power players who are forging such deals are shaping the future of beauty. Here is a look at them.
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The Investment Bankers
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Razika Abchiche
Image Credit: Courtesy Managing director
Lazard
Big Deal: A Lazard lifer, Abchiche has a sharp eye for rising beauty brands, as well as their bigger brethren.
Notable Transactions: La Rosée founders’ minority stake disposal, Respire’s funding round, BC Partner’s acquisition of Havea Group, Adopt Parfums’ capital increase, Atelier Cologne’s sale to L’Oréal.
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Hanadi Al Hamoui
Image Credit: Courtesy Managing director, European consumer and retail
Bank of America Merrill Lynch
Big Deal: This has been a year of major beauty initial public offerings and Al Hamoui has helped steer two of the biggest, while also having a hand in the year’s most significant acquisitions.
Notable Transactions: Kiko Milano’s sale to L Catterton, L’Oréal’s acquisition of Aesop, Puig IPO, Galderma IPO.
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Nicolas Constant, Pierre Pasqual
Image Credit: Courtesy Partners
Centerview Partners
Big Deal: Constant and Pasqual are the go-to bankers for major strategics, including L’Oréal, Kering and Natura & Co.
Notable Transactions: L’Oréal’s 10 percent stake in Galderma, Kering’s acquisition of Creed, L’Oréal’s acquisitions of Aesop and of Mugler and Azzaro.
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Frank Cygler
Image Credit: Courtesy Partner
Rothschild & Co.
Big Deal: The blue-chip banker advises some of France’s largest companies.
Notable Transactions: Groupe Clarins’ sale of Azzaro perfumes and Mugler to L’Oréal, the disposal of a minority stake in Nuxe to Sofina.
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Steve Davis, Lauren Antion
Image Credit: Courtesy Managing director and co-head of beauty, personal care and wellness (Davis)
Director and co-head of beauty, personal care and wellness (Antion)
Intrepid
Big Deal: Experienced with the mass market, Davis and Antion helped Native secure a $100 million pay day from Procter & Gamble.
Notable Transactions: Native to P&G, Raw Sugar to WM Partners, Loving Tan to Gauge Capital.
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Anthony Giuliano
Image Credit: Courtesy Partner
Perella Weinberg Partners
Big Deal: One of Estée Lauder Cos.’ go-to bankers, Giuliano helped the beauty giant win the battle against Kering for Tom Ford.
Notable Transaction: The Estée Lauder Cos. Inc. acquisition of Tom Ford, The Honey Pot Company’s sale to Compass Diversified, Nest New York’s sale to North Castle Partners, KKR’s acquisition of Wella from Coty.
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Vennette Ho
Image Credit: Courtesy Managing director, global head of beauty and personal care
Raymond James
Big Deal: If there is a notable beauty deal happening, then Vennette Ho is likely involved in some capacity, either on the sell side or the buy side.
Over the years, Ho has carved out a reputation as the go-to beauty banker, especially for sellers, renowned for forging connections with buzzy founders.
Following stints at Lazard in equity research and at Bloomingdale’s in merchandising, Ho now spearheads Raymond James’ beauty and personal care practice, focusing on mergers and acquisitions in addition to growth capital raises for young companies.
Recent deals include TSG Consumer Partners acquiring a majority stake in Summer Fridays, Salt & Stone’s minority investment from Humble Growth, Unilever’s acquisition of K18, Shiseido’s purchase of Dr. Dennis Gross Skincare and Winky Lux gaining a majority investment from Core Industrial.
She’s also listed as one of the investment bankers helping Selena Gomez’s juggernaut Rare Beauty explore its options, although all parties involved insist that a process has yet to be formally launched.
Some of her biggest deals to date include Paula’s Choice’s sale to Unilever, Shiseido snapping up Drunk Elephant, Wella buying Briogeo and Tatcha selling to Unilever. And let’s not forget Huda Beauty’s $1 billion valuation when it received a minority investment from TSG Consumer Partners.
More Ho deals will no doubt be on their way soon, even in this slower M&A market.
Notable Transactions: Paula’s Choice sale to Unilever, K18 to Unilever, Dr Dennis Gross to Shiseido, RoC to Bridgepoint.
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Mark Jackson
Image Credit: Jesse Rinka Senior managing director
Michel Dyens & Co.
Big Deal: In the wake of the death of Michel Dyens, Jackson became the investment firm’s lead. He has been heading up Michel Dyens’ North American deals.
Notable Transactions: Viviscal’s sale to Church & Dwight, Colomer Group’s sale to Revlon, Niely’s sale to L’Oréal
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Christin Levine, Dipika Soni
Image Credit: Courtesy Managing directors and co-heads of beauty, personal care and consumer health investment banking
Morgan Stanley
Big Deal: This New York-based pair works on some of the biggest deals in beauty, whether on the sale side or initial public offering.
Notable Transactions: Sale of Aesop to L’Oréal, Unilever’s sale of Elida Beauty to Yellow Wood Partners, Oddity IPO, Olaplex IPO.
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Ariel Ohana, Karine Ohana
Image Credit: Courtesy Managing partners
Ohana & Co.
Big Deal: With Ariel Ohana based in Los Angeles and Karine in Paris, this brother-sister dynamic duo cover two continents — and more.
Notable Transactions: Hourglass’ sale to Unilever, Juliette Has a Gun’s to Cathay Capital and Weinberg Capital, Evidens de Beauté’s acquisition by S’Young, Violet Grey’s sale to Farfetch, Fueguia’s growth equity from Qatari family, Milk Makeup’s investment from Amore Pacific, Byrdie’s sale to InterActive Corp., Versed’s spin-off from Offspring Beauty.
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Sasha Radic
Image Credit: Courtesy Managing director, beauty and wellness investment banking
Jefferies
Big Deal: Promoted to managing director last year, Radic has been making a name for herself in the beauty banking world, working on some of the buzziest initial public offerings and deals.
Notable Transactions: Nutrafol sale to Unilever, Ouai to P&G, Chantecaille to Beiersdorf, Charlotte Tilbury to Puig.
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Cosmo Roe
Image Credit: Courtesy Head of global luxury and beauty
Goldman Sachs
Big Deal: Recently promoted to head of global luxury and beauty, Roe, who’s famous for advising Amazon on its acquisition of Whole Foods, is zeroing in on the well-heeled world of beauty and beyond.
Notable Transactions: Puig IPO, sale of Tom Ford to the Estée Lauder Cos. Inc., Creed sale to Kering, sales of Charlotte Tilbury and Byredo to Puig.
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Ilya Seglin, William Susman
Image Credit: Courtesy Managing directors, consumer, retail and e-commerce
Cascadia Capital
Big Deal: Here, there, everywhere: This duo is seriously connected in beauty, apparel and retail.
Notable Transactions: Sale of Cult Beauty to THG, advisor to Makeup by Mario on minority sale to Provenance Digital.
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Michael Toure
Image Credit: Courtesy Founder and chief executive officer
Toure Capital
Big Deal: The former Goldman Sachs banker runs his own boutique firm, where he has continued to score big wins for almost a decade.
Notable Transactions: Tata Harper sale to Amore Pacific, Coola Suncare to SC Johnson, Hero Cosmetics minority investment from Aria Growth.
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Alice Wells
Image Credit: Courtesy Founder
Lempriere Wells
Big Deal: The hybrid banker-investor both advises companies and takes a stake in emerging brands.
Notable Transactions: Advised L’Occitane Group on its 160-million-euro acquisition of luxury fragrance brand Dr. Vranjes Firenze. Investments in Koala Eco, Rae Morris, Dr. Vranjes Firenze.
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Shaun Westfall
Image Credit: Jack Simpson Managing director
North Point
Big Deal: Formerly with Jefferies, Westfall has worked on some of the most directional beauty deals in recent years.
Notable Transactions: Sale of Nutrafol to Unilever, Ouai to Procter & Gamble, Charlotte Tilbury to Puig.
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Fei-Fei Zhang
Image Credit: Courtesy Executive director
J.P. Morgan
Big Deal: Leading J.P. Morgan’s charge into beauty, Zhang has been tapped by some of today’s hottest founders to explore deal options.
Notable Transactions: Waldencast’s acquisition of Milk Makeup and Obagi, Olaplex’s IPO.
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The Private Equity Principals
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Cori Aleardi
Founding partner
Elevate Beauty (part of L Catterton)
Big Deal: L Catterton is getting in on beauty deals even earlier these days, appointing Aleardi to lead Elevate Beauty, a fund dedicated to investing in early-stage beauty businesses.
Current Investments: Dibs Beauty, Eighth Day, Irene Forte Skincare
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Alisa (Williams) Carmichael, Aurora James
Image Credit: Courtesy Cofounders
Parity Collective (part of VMG)
Big Deal: Carmichael oversees VMG’s Parity Collective in partnership with the Fifteen Percent Pledge’s James, as an investment initiative for “BIPOC-founded businesses that are on a journey to become iconic consumer brands.”
The hope is that through tapping into the broader VMG team’s expertise and network, brands that join The Collective will unlock access to a broad ecosystem of resources, including retailers, manufacturers, marketers, financial experts and more.
“The Parity Collective is strategy-focused on investing in early-stage founders of color,” said Carmichael. “We launched this initiative because we believe in the incredible potential of these often-overlooked businesses. Our goal is to create a supportive investment environment where visionary founders can thrive, and where meaningful partnerships can be forged to drive success.”
The partnership is one of a dwindling number of investors dedicated to Black-owned brands.
Danessa Myricks Beauty closed a funding round in 2022 led by the Parity Collective, and its namesake founder previously noted the challenges in finding the right partners. “The funding that we received at the end of 2022 was mostly from a firm that was intentional about its efforts with the Fifteen Percent Pledge,” Myricks said, noting that despite the success of brands like Fenty Beauty, investors were generally hesitant. “If you see that success and still don’t want to invest, then you have other reasons beyond revenue, which is scarier.”
In addition to beauty, it has invested in Ghetto Gastro.
Current Investments: Danessa Myricks Beauty, BeautyStat, Melanin Haircare, Proudly.
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Andrew Crawford
Image Credit: Courtesy Managing director and global head of consumer
General Atlantic
Big Deal: GA may be out of Morphe, but it’s not out of beauty.
Current Investments: Buff City Soap, European Wax Center.
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Neda Daneshzadeh, Alicia Sontag
Image Credit: Courtesy Cofounder and managing partners
Prelude Growth Partners
Big Deal: With investments in some of the buzziest indies around — and some big exits under their belt — this duo has garnered a reputation for spotting beauty’s next big thing.
Perhaps most notable is skin care brand Naturium, part of The Center, in which Prelude made a $15 million minority investment back in 2021. In the summer of 2023, Naturium was sold to E.l.f. for $355 million.
Most recently, it exited Summer Fridays, the beauty brand started by influencers Marianna Hewitt and Lauren Ireland in 2018, when it received a strategic growth investment from TSG Consumer Partners.
“It has been a truly special experience to partner so closely with Summer Fridays over the past five years,” said Sontag at the time. “We have been so proud to support Marianna and Lauren’s vision for their brand and to help support Summer Fridays’ growth in product offerings and expansion at Sephora.”
While it exited Summer Fridays, it still has two of the buzziest beauty brands on its books — Westman Atelier, the line started by makeup artist Gucci Westman, and Tower 28.
It has also ventured into the beauty services space, investing in Skin Pharm, an aesthetic skin care practice that has its own product line.
Current Investments: Tower 28, Phlur, Skin Pharm, Westman Atelier, DpHue.
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Laurent Droin
Image Credit: Peter Allan Partner
Eurazeo
Big Deal: Droin steered Eurazeo to take a minority stake in premium honey-based hair care and beauty brand Gisou in 2022.
Current Investments: Gisou, Ex Nihilo.
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Jackie Dunklau, Trevor Nelson
Image Credit: Courtesy Founders and Partners
Aria Growth Partners
Big Deal: Having previously invested in Hero Cosmetics, which was acquired by Church & Dwight in 2022 for $630 million, these two have a knack for spotting dynamic consumer brands.
Current Investments: The Inkey List, Ultra Violette
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Alban Gérard
Image Credit: Courtesy Partner
Experienced Capital
Big Deal: Alban Gérard was early to the burgeoning prestige skin care category in 2019 with a key investment in the buzzy French clean beauty player Oh My Cream!
Current Investments: L:a Bruket, Oh My Cream! and Combeau.
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Tricia Glynn, Janet Gurwitch
Image Credit: Courtesy Managing partner (Glynn)
Operating partner (Gurwitch)
Advent International
Big Deal: The ultimate beauty pair: Gurwitch’s encyclopedic knowledge of the industry — and Glynn’s golden touch — inform Advent’s deep pocket bets on beauty.
Current Investments: Olaplex, Orveon, Parfums de Marly, Skala.
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Karen Kenworthy
Partner
Stripes
Big Deal: Kenworthy led the way with German skin care brand Dr. Barbara Sturm when it was sold to Puig this January.
Current Investments: Erewhon, Kosas.
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Sam McKay
Image Credit: Courtesy Founding partner
Point King Capital
Big Deal: An experienced operator and investor in some of the buzziest brands, McKay oversaw Jurlique’s $335 million sales to Pola Orbis when he was chief executive officer; this year, he spearheaded the sale of Makeup Cartel to Arrowtex.
Current Investments: Bubble, Lanolips, Flamingo Estate, The Beauty Chef, Rae Morris, Ellis Brooklyn, Crown Affair, Dune, Atelier, Patricks, Koala Eco, Sans [ceuticals].
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Hadley Mullin, Colin Welch
Image Credit: Courtesy Senior managing director (Mullin)
Managing director, head of New York and London offices (Welch)
TSG
Big Deal: Few understand the nature of influence better than this pair, whose most recent deal was a stake in the wildly successful Summer Fridays.
Current Investments: Hempz, Huda Beauty, Summer Fridays.
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Kevin Murphy
Image Credit: Courtesy Managing director
Sonoma Brands Capital
Big Deal: After investing in Tarte and Supergoop at his previous firm, Murphy continues to use his sharp eye to spot the next big thing in beauty and wellness.
Current Investments: True Botanicals, Hum Nutrition, Versed, Merit, Manual, Ciele, Touchland.
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Oliver Nordlinger, Jared Stein
Cofounders and partners
Monogram Capital Partners
Big Deal: Led by Nordlinger and Stein, Monogram has been increasingly deepening its footprint in beauty and wellness.
Current Investments: Prime Matter Labs, Tru Fragrance & Beauty, Beach House Group, D.S. & Durga, Live Tinted, Violette_FR, Foundry.
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David Olsen
Image Credit: Courtesy Managing director
Highlander Partners
Big Deal: The former retailer who has turned his encyclopedic knowledge and insider status into a thriving role as an investor and operator.
Current Investments: RMS Beauty
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Avik Pramanik
Partner
L Catterton
Big Deal: Focused on the firm’s Buyout Fund, Pramanik’s beauty plays include the recent majority investment in Kiko Milano.
Current Investments: Kiko Milano
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Jay Sammons
Image Credit: Courtesy Managing partner and cofounder
SKKY Partners
Big Deal: The seasoned investor — formerly with Carlyle Group — has joined forces with Kim Kardashian for his latest venture. Watch this space.
Current Investments: N/A.
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Dana Schmaltz, Tad Yanagi
Image Credit: Courtesy Partners
Yellow Wood Partners
Big Deal: Yellow Wood has been snapping up many big beauty assets — and they’re not finished yet. The firm has stated publicly it’s not yet done with its shopping spree, with Schmaltz and Yanagi leading the charge.
Current Investments: PPI Beauty (Byoma, Real Techniques, Tan Luxe, Isle of Paradise, Tanologist), Elida Beauty (Q-tips, Pond’s, Caress, St. Ive’s, Tigi Bedhead), Suave Brands Company (Suave, ChapStick).
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Ken Suslow
Image Credit: Courtesy Founder and managing partner
Sandbridge Capital
Big Deal: Known for his big personality, Suslow has a people-first policy when it comes to choosing his next deal. No wonder he’s a founder favorite.
Current Investments: Peach & Lily, U Beauty, Madison Reed, R.e.m. beauty, Dedcool, Henry Rose, Kulfi.
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Anna Sweeting
Image Credit: Courtesy Founder
The Equity Studio
Big Deal: Sweeting, who co-created the U.K.’s first female-led specialist investment fund, is a trailblazer in more ways than one. With partner Rosie Huntington-Whiteley, Sweeting supports female-founded brands aiming to scale. Gisou was an early bet.
Current Investments: Gisou, 111Skin, Joone Paris.
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Brian Thorne
Partner
Silas Capital
Big Deal: If it’s a hot brand started by a bright young founder, chances are Thorne is involved.
Current Investments: Ceremonia, Cay Skin, Bellway, Veracity, Function of Beauty, Live Tinted, Scotch Porter, Ilia, Rōz Hair, Vacation, Hello Cake, Violette_FR, Herbivore Botanicals, Wonderbelly, Makeup by Mario.
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Robin Tsai
Image Credit: Courtesy General partner
VMG
Big Deal: Tsai doesn’t just lead VMG’s beauty and wellness practice, he designed its spot-on investment playbook.
Current Investments: Kosas, Necessaire, Shani Darden Skincare, OVME.
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The Strategics
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Michel Brousset
Image Credit: Courtesy Founder and chief executive officer
Waldencast plc
Big Deal: A former L’Oréal exec, Brousset was one of the first to capitalize on SPACs in beauty when he took his investment vehicle public in 2022.
Current Investments: Milk Makeup, Obagi Skincare, Glaze, Whind, Coat[s], Sallve, Contem 1gr, Manual Men’s Health, C16 Biosciences, Kjaer Weis, Revea.
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Thomas Buisson
Image Credit: Courtesy Managing director
Fable Investments
Big Deal: Buisson has parlayed his management experience at Aesop into strategic investing for Natura & Co.’s venture division, with an eye for brands that combine the artistic and commercial.
Current Investments: Perfumer H, Maude, Stratia, Eadem, Bibbi.
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Yves Egeileh
M&A director
Kering
Big Deal: The M&A director behind one of last year’s biggest deals, Egeileh inked Kering Beauté’s first acquisition when it snapped up Creed in a deal worth an estimated $1.5 billion.
Current Investments: Creed, Matière Première (minority stake).
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Samantha Etienne
Image Credit: Courtesy General manager
Business Opportunities for L’Oréal Development (BOLD)
Big Deal: Business Opportunities for L’Oréal Development, the beauty giant’s venture capital
fund, is — as its acronym suggests — bold in terms of investments, both geographically (think Switzerland to China) and category-wise (think longevity to biotech). Leading its charge is Samantha Etienne, BOLD’s general manager.BOLD, which was launched in 2018 to take minority stakes in start-ups with high growth potential, focuses on four verticals: brands, platforms, tech and science in the beauty space.
“As the beauty leader, it is our mission to empower young entrepreneurs in our industry by helping them to turn their vision into scalable businesses,” said Jean-Paul Agon, at the time L’Oréal chairman and chief executive officer, in a statement, when the division was created.
The early-stage investment fund supports start-ups with the group’s expertise, networking and mentorship, and is a key part of L’Oréal’s open innovation strategy.
BOLD sure has been busy of late. Its recent deals are plentiful. In January, the VC fund took a minority stake in Swiss biotech company Timeline, which taps into the nascent but rapidly growing segment of beauty: longevity.
The next month, BOLD supported the investment in a key player in China’s burgeoning luxury fragrance segment by taking a minority stake in To Summer. Founded in 2018, that brand with its own products and stores, and is rooted in traditional Chinese heritage.
Then last year, BOLD supported a minority share taken in Shinehigh Innovation, a Chinese innovation-led biotech company specializing in supramolecular chemistry. And that’s just to name a few transactions.
Current Investments: Timeline, To Summer, Shinehigh Innovation, Ami Colé.
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Ron Gee
Image Credit: Courtesy President and chief executive officer
Shiseido Americas
Global M&A leader
Shiseido Co.
Big Deal: The former chemical engineer and self-professed extrovert has thrived in beauty, latching on to the emotional aspects necessary to create consumer connections, while leveraging his knowledge of finance and operations.
Notable Transactions: Drunk Elephant, Tory Burch Beauty license, Dr. Dennis Gross Skincare.
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Amaury Godron
Managing partner
Obratori
Big Deal: Godron leads L’Occitane’s venture capital fund, taking minority stakes in early-stage start-ups.
Current Investments: Healphi, Medene, Abyssea, Le Rouge Français, Paper Cosmetics, Melifera, In HairCare.
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Carol Hamilton, Tanguy Leloup
Image Credit: Courtesy Group president of acquisitions (Hamilton)
L’Oréal USA
Head of M&A origination (Leloup)
L’Oréal
Big Deal: Hamilton is the L’Oréal USA veteran who’s just as good at building brands as acquiring them, while Leloup is known for making big, bold bets — as with L’Oréal’s $2.5 billion acquisition of Aesop in August 2023 that sent shockwaves through the industry.
Notable Transactions: Aesop, Galderma (10 percent stake), Skinbetter Science, Urban Decay, It Cosmetics, Lactobio, Youth to the People.
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Matthew Mull
Image Credit: Courtesy Senior director, global business development, M&A
Procter & Gamble Beauty
Big Deal: A P&G lifer, Mull has become an expert in dealmaking, scoring big wins for the strategic powerhouse.
Notable Transactions: Oversaw acquisitions of Bevel, Farmacy, Mielle, Tula.
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Anna Ohlsson-Baskerville
Image Credit: Courtesy Partner
Unilever Ventures
Big Deal: Under the aegis of Ohlsson-Baskerville, Unilever Ventures has heightened its focus on beauty and wellness deals.
Current Investments: Trinny London, True Botanicals, The 7 Virtues, Sachajuan Haircare, Indu Cosmetics, Luna Daily, Exponent Beauty.
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Shana Randhava
Image Credit: Courtesy Senior vice president, new incubation ventures
The Estée Lauder Cos. Inc.
Big Deal: With Randhava’s sharp eye, the Estée Lauder Cos. Inc. is making small bets on companies it believes could be the next big thing in beauty.
Current Investments: Haeckels, Code Mint, KIKI, Vyrao, Melt Season.
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The Venture Capitalists
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Karim Abbas
Image Credit: Courtesy Partner
Auréa Group
Big Deal: Abbas is focused on growth equity deals in this three-year old, rapidly developing early-stage investment fund.
Current Investments: Dcypher, Herbivore Botanicals, Scandinavian Biolabs.
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Nick Brown, Natalie Massenet
Image Credit: Courtesy Cofounders
Imaginary Ventures
Big Deal: The investors have a finger on the pulse of hot brands, in beauty and beyond.
Current Investments: Kosas Cosmetics, Westman Atelier, Glossier, Ami Colé, Half Magic, Nécessaire.
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Nikki Eslami
Image Credit: Courtesy Founder
New Theory Ventures
Big Deal: Entrepreneur and Bellami Hair founder Nikki Eslami is as adept at investing in brands as she is in creating them. Her focus: Brands led by women and diverse founders, including Selena Gomez.
Current Investments: Thirteen Lune, Maude, Sourse, GXVE Beauty by Gwen Stefani, Innbeauty Project, Ceremonia, Rare Beauty.
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Antoine Fine
Managing partner and cofounder
Eutopia
Big Deal: From Merci Handy personal care to the Laboté made-to-measure skin care label, Fine takes one of the most diverse approaches to investing in the biz.
Current Investments: Oly Be, Ho Karan, Oh My Cream!, Merci Handy.
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Rich Gersten, Cristina Nuñez
Image Credit: Courtesy Cofounders and general partners
True Beauty Ventures
Big Deal: Is anyone better at identifying early-stage investment opportunities? This duo seems to have the golden touch when it comes to the next big thing in beauty, like their recent win with K18.
Gersten and Nuñez are both seasoned beauty veterans and first-time fund managers, who pulled from their pool of industry contacts to raise the fund. Notably, they invested $4 million over three rounds in hair brand K18, which was subsequently sold to Unilever, marking True Beauty Ventures’ first exit from its first fund.
The second fund raise was closed at the end of July and True Beauty Ventures currently has 17 active beauty and wellness investments across both funds.
It most recently invested in The Maker, a fragrance brand with a hotel origin and second-time founders.
Having also backed Urban Decay’s Wende Zomnir’s second business venture Caliray, Gersten told WWD Beauty Inc in July that there is something unique about second- time founders.
“There’s something special about backing founders who’ve done it before. You don’t see it very often, and when we see it with founders that we admire and respect, it does make it easier for us to make an investment decision. We’re big admirers of what Lev and Alina did at Fresh and really respect what they’ve been able to pull together at The Maker. It’s very unique and differentiated,” he said.
Current Investments: Kinship, Caliray, Maude, Crown Affair, Moon Juice, Cay Skin, Dieux, BeautyStat, Youthforia, Vacation, Evolvetogether, Feals, Ami Colé, 7 Virtues, Iris + Romeo, The Maker.
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Kirsten Green
Image Credit: ELISABETH FALL Founding partner
Forerunner Ventures
Big Deal: Green has led efforts to raise $2 billion-plus from institutional investors. She is adept at spreading the wealth, with investments in more than 100 companies.
Current Investments: Glossier, Ritual, Prose.
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Amy Griffin
Image Credit: Courtesy Founder and managing partner
G9 Ventures
Big Deal: The very connected investor (Gwyneth Paltrow is a personal friend) moves in the right circles to know what’s hot.
Current Investments: Roz Hair, Westman Atelier, Kitsch, Saie, Supergoop.
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Jenna Jackson
Image Credit: Courtesy Jenna Jackson, partner
Cavu Consumer Partners
Big Deal: Cavu, a powerhouse in the nutrition space, has deftly moved into beauty with Jackson steering the way.
Current Investments: Osea, Nécessaire, Topicals.
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Eléonore Oudéa, Gaspard de Sarnez
Image Credit: Courtesy Cofounders and managing partners
Label Capital
Big Deal: Oudéa and de Sarnez, who have a penchant for moving quickly, made their initial mark by leading the way in the aesthetics space.
Current Investments: Innerskin, IVB Wellness Lab, Ex Nihilo.
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Katherine Power
Image Credit: Courtesy of Katherine Power Partner
Greycroft
Big Deal: No surprise the serial entrepreneur with a magic touch (she created Merit and Versed) is a savvy investor, too.
Current Investments: Mother Science, Arey Grey, Experiment Beauty, and Ami Colé.
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Odile Roujol
Image Credit: Courtesy Founder
Fab Co-Creation Studio Ventures
Big Deal: Former Lancôme CEO Odile Roujol’s venture as a seed stage-focused investor has been equally as successful. She was one of the earliest backers of K18.
Current Investments: Bubble, Veracity, GoodLightWorld, Yina, BrownGirlJane, Hanni, Shaz & Kiks, Luum, HelloBiome, Thirteen Lune, The Folklore, Function Health, Novos.
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Montse Suarez
Image Credit: Courtesy Founder
Iris Ventures
Big Deal: Suarez, who co-created the U.K.’s first female-led specialist investment fund, is a trailblazer in more ways than one. She was also early to recognize Gisou’s potential with an investment in 2020.
Current Investments: Gisou, 111Skin, Olistic Science, Joone Paris.
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Andras Szirtes
Image Credit: Courtesy Partner
Manzanita Capital
Big Deal: Whether buying or selling, Manzanita’s focus on brands with style and substance has paid off: Szirtes helped spearhead the sale of Byredo — with a valuation of more than 1 billion euros — to Puig in 2022.
Current Investments: Space NK, Diptyque, Malin+Goetz, D.S. & Durga, Susanne Kaufmann, Sam McKnight.
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Sarah Woelfel
Image Credit: Courtesy Cofounder and partner
Cult Capital
Big Deal: With a portfolio that reflects the future of beauty, Woelfel has combined her zeal for investing with her affection for cult consumer brands.
Current Investments: Act+Acre, Lawless Beauty, Subtl Beauty.
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The Family Offices/Angel Investors
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Prisca Courtin
Image Credit: Courtesy Managing director
Famille C Participations
Big Deal: Prisca Courtin has shown huge savvy in identifying and transacting directional deals. Courtin founded and now serves as managing director of Famille C Participations, the holding company of her family, which owns Groupe Clarins.
“We study the potential and immediately look at the synergies there couldbewithClarins,”CourtintoldWWD in 2023. “We like to go for brands that are complementary, but don’t do exactly the same thing and have a common DNA.”
That led Famille C in February to take a 130-million-euro stake in Evok Collection hotel group, as Courtin aims to expand experiences with well-being at their core.
“We don’t act at all like a fund,” she said. “We have the advantages of an investment fund, because we have significant financial support, but we don’t have the disadvantages of a fund with short-term objectives. We have very long-term vision [and] like to leave the companies we buy independence, leave them their autonomy. That’s why we don’t integrate them directly into Clarins.”
She’s inked numerous notable beauty deals, with the biggest to date being for
a majority stake in Ilia Beauty, which is a pioneer in clean makeup, in February 2022.In April 2023, Famille C Participations took a majority share in Pai Skincare, the U.K. brand that’s certified organic, vegan and cruelty-free. It has minority stakes in Ceremonia, the U.S.-based clean hair care brand rooted in Latinx heritage, and Joone Paris for women and babies.
Courtin shoots high — always. She was in the last stage of negotiations for Australian beauty brand Aesop, when it was valued at more than $2.5 billion, and which ultimately signed with L’Oréal in April of last year.
Current Investments: Ilia Beauty, Pai Skincare, Ceremonia, Joone Paris.
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Didier Tabary
Founder
Kresk Développement
Big Deal: Tabary is a turnaround expert: take his resurrection of SVR Laboratoire Dermatologique. On the verge of bankruptcy when Kresk acquired it, the brand has become a leader in pharmacy skin care in France.
Current Investments: SVR Laboratoire Dermatologique, Lazartique, FillMed Laboratoires.
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Jacques Veyrat
Founder
Impala
Big Deal: A former banker turned investor, Veyrat has a keen eye for beauty. Impala was among investors in Augustinus Bader in 2022, in a funding round worth $25 million, which elevated the skin care brand to unicorn status.
Current Investments: Augustinus Bader, Native Laboratoire (Roger & Gallet, Lierac, Phyto and Jowae), P&B Group.
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Natalia Vodianova, Timon Afinsky
Image Credit: Courtesy Cofounders
Supernova
Big Deal: Natalia Vodianova and Timon Afinsky have a purposeful investment strategy, with a focus on the beauty and fashion tech space.
Current Investments: Lovi, Juana, Niance, Decree, Augustinus Bader, Voir.
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