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26 Apr

Dibs Beauty Gains L Catterton Investment – WWD

L Catterton is betting once more on the founders of Tula Skincare.

The private equity firm has just made a “significant” growth investment in color cosmetics brand Dibs Beauty, launched in September 2021 by Tula Skincare founders Ken Landis (who also cofounded Bobbi Brown Cosmetics) and Dan Reich, with Austin, Texas-based influencer Courtney Shields and former chief operating officer of A-Rod Corp Jeff Lee. Terms of the transaction weren’t disclosed.

“L Catterton has the expertise and agility to assist us turn into the leader in multifunctional, effortless makeup,” said Lee, chief executive officer of Dibs. “Our makeup goes where our customers go, and we intend to fulfill them each across our rapidly expanding digital channels and in brick-and-mortar retailers.”

Shields added: “The explanation this partnership is so special is because Jeff is a product-first CEO and I’m a business-first creative.”

L Catterton previously partnered with Tula, a probiotic, superfoods-based skincare line, in 2017. It was acquired last yr by Procter & Gamble for an undisclosed amount. 

And in 2021, Dibs raised $2.6 million in an initial round of funding from L Catterton partners Michael Farello and Jonathan Owsley, who invested individually and never with the corporate.

“We were in contact with them, continued to be good friends and had been business partners so once we heard about what they were doing in a category that we discover super interesting, with a ton of growth and tailwind and bringing to market an incredibly well-positioned brand ….we just checked out that whole package and we’re like, wow, this is basically something special,” Owsley said.

Headquartered in Austin, Dibs Beauty’s hottest products include the Desert Island Duos, $36, and Status Sticks, also $36. The brand’s first-ever tool, the multipurpose Duo Brush 15, has sold out multiple times since its launch in September 2022 and currently has a waitlist of greater than 50,000 people, Dibs said.

The brand launched with its first retailer, Revolve, in July 2022, and next up will probably be brick-and-mortar expansion.

“We’re planning on brick-and-mortar within the near future,” Lee added. “The brand has received an unlimited amount of inbound interest from major retailers over the past few months, and our priority is choosing the appropriate partner to grow together the way in which we have now with Revolve.”

He declined to comment on sales projections, but sources expect it to usher in between $15 million to $20 million in revenue on direct-to-consumer alone. In keeping with the corporate, it has grown greater than 450 percent year-over-year through selling on to consumers on their very own website.

In January, L Catterton sold Bliss World to AS Beauty. L Catterton purchased the brand as a part of its 2015 acquisition of Steiner Leisure.

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