THE WHAT? Chinese private equity firm EverYi Capital has been named as an investment partner for cult Australian beauty brand, frank body.
THE DETAILS The closed round places a value of approximately AU$100 million on the Indie personal care line and was completed in advance of a US targeted Series B, set to take place this year, and will see it expand into the Chinese market, with manufacturing and innovation continuing from Australia and the US. The brand said it will remain cruelty free, investing only in commerce channels that do not require animal testing.
“We’re delighted to welcome EverYi Capital to frank body,” commented Co-Founder and CEO Steve Rowley. “This partnership is an important next step in our globally present, locally relevant strategy, enabling us to bring our accessible, affordable and effective clean beauty and personal care products to an important audience. Having a local operational partner gives us insight and support to grow in what we anticipate will be one of our core future markets. EverYi Capital shares both our passion for the consumer and our values around clean, accessible beauty and personal care products.”
THE WHY? EverYi Capital Managing Partner, Susan Shui-Shien Lin said, “Frank body’s clean, coffee-based beauty and personal care products and authentic Australian brand identity are known in China and we expect the brand to resonate well with millennials and Gen Z, who are looking for quality and uniqueness. The body care category in China is a relatively untapped market in relation to affordable, premium brands. We believe frank body’s expansion in China will benefit from this opportunity and we are excited to support the business in this next phase.”