Glow Recipe Receives Minority Investment
Glow Recipe has received a minority investment from North Castle Partners.
Financial terms of the deal were not disclosed.
More from WWD
The funding will primarily go to product development, adding new hires, increased marketing spend and scaling up the business internationally, which is said to be performing well.
The brand is a “top 10 skin care brand at many different retailers globally, including Cult Beauty in the U.K., Mecca in Australia and Sephora in various regions,” said Christine Chang, cofounder of Glow Recipe.
“We are a digitally native brand and very community driven. We shifted our focus to be entirely online, and during the COVID-19 period, our e-commerce actually grew triple digits,” added Sarah Lee, cofounder of Glow Recipe.
It was the brand’s popularity in its retail partnerships that attracted North Castle Partners.
The partnership “started with me meeting Sarah and Christine just over two years ago. I was a big fan of the brand they built and the momentum they had at Sephora, and the positioning they created for the brand,” said Rich Gersten, industry adviser at North Castle Partners. “First and foremost, they’re great founders with a unique brand proposition.”
Although neither the brand nor Gersten would comment on sales, industry sources said the brand hit $60 million in retail sales last year and is beating projections for 2021.
FOR MORE FROM WWD.COM, SEE:
With VMG Investment, Shani Darden Hires New CEO and Plans Growth
Glow Recipe Expands Skin-care Hybrid Category
Glow Recipe Founders on Building a Digital-First Brand
Sign up for WWD's Newsletter. For the latest news, follow us on Twitter, Facebook, and Instagram.
