Patrick Ta Beauty has a new investor.
Stride Consumer Partners, whose partners were early investors in Tatcha, Skinfix, First Aid Beauty and Drybar, among others, has acquired a minority stake in the company founded by professional artist Patrick Ta. Terms of the deal were not disclosed, although industry sources estimate Patrick Ta Beauty’s sales are expected to reach $30 million by 2022.
Ta founded the brand in 2019 along with Rima and Avo Minasyan, and it is sold exclusively at Sephora and through her own website. “I wanted to create a brand that would allow women and people to feel confident in their own skin,” Ta said. “Everything is aimed at people to amplify their natural beauty. It provides a lot of room to innovate and play, and that was really exciting for our consumer.”
That spirit filled a blank for Stride Consumer Partners, which said it was drawn to the brand’s versatile proposition and the tenacity of its founders.
“We focus on exciting brands where mission-driven founders have developed a very distinctive, high-quality product and built a tremendous amount of customer loyalty,” said Steve Berg, partner at Stride. “Patrick is so authentic and talented as an artist, and the products they are developing are incredibly high quality, but also distinctive.”
Added Nicole Fourgoux, the firm’s operating partner, “It really feels like an untapped opportunity for us. We have the opportunity to focus on portfolio expansion and distribution, with a heavy focus on our exclusive partner, Sephora.”
Retail and innovation will be key priorities with the infusion, as well as the building of the Patrick Ta Beauty team. “When it comes to customer experience, we are unique to Sephora, we do 70 to 80 percent of our business with them, with the rest coming from digital and international markets,” CEO Avo Minasyan said. “We’re in the EU, the US, Canada and South East Asia with Sephora, as well as a couple of stores with Flannels in the UK and Cult Beauty.”
Customer retention rates have helped build the brand and the funding will help create a wider network. “The product is very special and anyone who tries it ends up falling in love with the product,” said co-founder Rima Minasyan. “This round will help us amplify the consumer and bring the product to more people. More bricks and mortar, more consumer participation… we’re not really looking to change anything. We’re just amplifying it.”
Makeup remains the largest category in prestige beauty, with $2 billion in sales in the last quarter in the US according to data from the NPD Group.
Source: news.google.com