Brief Take:
Private equity firm Blackstone acquires significant ownership in skincare brand Supergoop
Blackstone's investment fund has bagged a significant stake in Supergoop, a popular sunscreen brand, as revealed in a company statement.
The Lowdown:
Originally started by Holly Thaggard with a mission to annihilate skin cancer by offering sunscreen products people would actually enjoy wearing, Supergoop has expanded its product line to over 40 formulas, ranging from Glow Oil and Shimmershade eyeshadows to their famous Unseen Sunscreen. Amanda Baldwin, who assumed the CEO role in January after serving as president for about five years, led the brand's growth with her financial expertise gathered from powerhouses like LVMH, Estée Lauder, and private equity firm L Catterton.
Baldwin expressed her enthusiasm about the upcoming journey and the future partner in a statement, "As we sail towards the future, we needed a partner who could propel us to new heights."
This move by Blackstone comes during a streak of exits among DTC brands this year, with Allbirds, Warby Parker, Rent the Runway, Billie, Beyond Yoga, and Rothy's either going public or being acquired.
Blackstone's investment in Supergoop is part of its strategy to grow its portfolio in the consumer goods sector, particularly in the burgeoning markets of skincare and sun care products. In fact, Blackstone had already demonstrated this with its acquisition of Spanx earlier in the year and its backing of online dating app Bumble and media company Hello Sunshine.
What's Next:
Blackstone's investment is anticipated to fuel Supergoop's product development, consumer education, and international expansion. The deal also sets a precedent for further investments in the skincare and sun care sectors, citing the growing significance of these industries. As a major player in the private equity world, Blackstone may also facilitate strategic partnerships to boost Supergoop's market presence.
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