LVMH-backed L Catterton announced Monday that it has acquired a majority stake in Stenders, a luxury bath and body care products company.
Financial terms of the deal were not disclosed.
The deal will help the Latvian wellness brand, which makes foams and salts; body butters, creams, lotions, oils, scrubs and yogurts; as well as hand creams and lotions, accelerate its international expansion across Asia, Europe, the Middle East and the United States, according to a press release.
“This partnership will open the door to the next phase of growth for us,” said Kristin Grabman, Chief Operating Officer of Stenders.
“to Catterton has a proven track record of creating value for its portfolio companies, and we are keen to leverage its insights, operational expertise and network as we continue to expand across geographies. Our focus will be on expanding our footprint, enhancing our store productivity, strengthening our e-commerce business, improving our manufacturing efficiencies and attracting talent.”
Founded in 2021, Stenders creates high-quality products inspired by the natural environment of North EuropeThe company currently has over 400 products made in Latvia, developed with a focus on safety, sustainability and functionality, using natural ingredients; and packaged using fully recyclable materials.
The company’s revenue has grown by about 20% annually over the past four years, with sales generated through its multi-channel presence spanning more than 300 stores in 20 countries, major e-commerce platforms, and its website.
“Consumers are increasingly ‘upgrading’ in the bath and body care market, and we expect this trend to continue as they gravitate more towards luxury products such as those they have with their skincare, face and hand care,” he said. Scott ChenManaging Partner at to Caterton.
“With distinct brand values and products that resonate with its target customers, Stenders has been able to smartly capitalize on this shift. There is still significant room for further growth and we look forward to partnering with the Stenders management team to achieve our shared goals.”
It’s not the first investment in the beauty and wellness space by the US investment firm. Previous investments in the sector include Ci Flavors, Elemis, Etvos, Function of Beauty, The Honest Company, and Maria NelaMarubi, Merit, Nutrafol, Odette (parent company of Il Makiage), Sugar Cosmetics, Tula, and many more.
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