Following the news that Honest Co is gearing up to launch its beauty products in Europe, the Jessica Alba-owned firm has revealed that it has received a US$200 million cash injection from private equity firm L Catterton.
The investment will be used to ‘further promote global scale’ opening up new distribution channels and market opportunities, said the company in a statement.
“L Catterton is the right partner for The Honest Company based on its expertise and extensive resources which will fuel our evolution into an iconic global brand,” said Nick Vlahos, The Honest Company CEO. “We will continue to execute against our strategy, which includes focusing our business on the baby and beauty categories. This investment will enhance our next chapter and accelerate the realization of our vision for the future.”
Added Scott Dahnke, Global Co-CEO of L Catterton, “The Honest Company has tremendous brand equity, innovative and quality products, and a loyal customer following. The Honest Company has evolved into a lifestyle brand and has many channels to grow in natural baby, personal care, beauty and adjacent categories in the future. We look forward to partnering with the expert management team that is in place as we leverage our long-standing experience in the better-for-you space and extensive operational expertise to support The Honest Company as it drives omni-channel growth.”
“It has always been my dream to grow The Honest Company into a global brand,” said Jessica Alba, Founder of The Honest Company. “Our mission from day one has been to empower people to live happy and healthy lives, and we are always in search of new ways to bring that to life. This partnership will enable us to empower more people in more places by delighting them with products that meet their desire for safety, design and performance.”