Reflecting on 2024: Investing in the Future

Throughout the initial quarter of the year, significant financial maneuvers unfolded globally. Hi!Papa, a major Chinese cosmetics entity, concluded its Series A+ funding under the leadership of L Catterton. Avalon Pharma, a top Saudi pharmaceutical enterprise, revealed intentions to publicly list 30% of its shares on the Saudi Exchange.

Meanwhile, Ushopal Group, a luxury beauty and retail conglomerate based in China, spearheaded a financial influx into the upscale fragrance company, Documents. Groupe Bogart announced its acquisition of the French haute parfumerie house, Rose et Marius, located in Aix-en-Provence. In parallel, BOLD, L’Oréal’s venture capital division, acquired a partial interest in Timeline. Saudi retailer Nice One geared up for an IPO, and Cascadia Capital acquired Threadstone Capital.

In Shanghai, Henkel debuted its new R&D facility dedicated to consumer brands. Jupiter, a high-end hair and scalp care brand, garnered an additional US$3 million in seed funding from Willow Growth Ventures and Springdale Ventures. Additionally, Australian sunscreen innovator Ultra Violette obtained a US$15 million investment from Aria Growth Partners, and L’Oréal’s BOLD took a stake in Chinese luxury scent creator, To Summer. Planity raised a notable US$50 million in a Series C round led by InfraVia Capital Partners, while Unilever allocated US$80 million to expand its Jefferson City site to produce Liquid I.V.

During the second quarter, MercadoLibre announced a remarkable investment boost of 23 billion reais in Brazil, a significant 21.1% increase compared to the previous year. Allies of Skin, backed by LA’s Meaningful Partners, secured US$20 million to facilitate expansion into the USA. French eco-friendly beauty start-up 900.care crossed borders after raising €21 million. L Catterton initiated a joint venture with Hindustan Unilever’s former CEO, Sanjiv Mehta, and Grown Alchemist went private under Andre Hoffmann’s lead.

Monogram Capital Partners, hailing from LA, grabbed a majority share in Tru Fragrance & Beauty, marking their seventh foray into the beauty sector recently. Rumors buzzed about L’Oréal and Oman-based Amouage, while Yatsen Group established its Global Innovation R&D Center in Shanghai.

Venture incubator Squared Circles secured US$40 million in its Series A, with L Catterton leading the path. The Estée Lauder Companies clinched a US$2.5 billion credit line, and Watsons embarked on an extensive global store refit project. David Wertheimer introduced 1686 Partners, with goals in fashion and cosmetics investments. Moreover, L’Oréal joined hands with South Korea for the L’Oréal Big Bang Startup Fostering initiative. Natura &Co introduced Fable Investments aimed at supporting rapid-growth wellness brands, while Shein confidentially filed for an IPO in the UK.

Throughout the third quarter, new ventures thrived as Luna Daily welcomed investment from Unilever Ventures. BoldHue drew US$3.4 million to advance its personalized beauty devices. Brazil’s Natura &Co issued US$244 million in local notes, primarily underwritten by IDB Invest and IFC. Esqa from Indonesia secured a Series B round of US$4 million courtesy of Unilever Ventures.

In a significant move, Sephora disclosed plans for a massive logistics hub in Indiana, scheduled for summer 2025 completion. Rodan + Fields received US$75 million and announced structural revamp plans. Meanwhile, Nykaa in India raised Rs 125 crore via non-convertible debentures, Chanel strengthened its finances with €700 million in private debt, and Berkshire Hathaway reported share acquisitions in Ulta Beauty.

Closing the year, Fresha acquired a US$31 million venture debt facility from J.P. Morgan, and Oriflame restructured to explore fresh financing avenues. Mangomint completed a US$35 million funding round led by Altos Ventures, with Nestlé’s Laurent Freixe rumored to contemplate selling their L’Oréal share for re-investment purposes. Simultaneously, QVC launched a US$1 billion debt exchange, Huda Beauty discussed potentially selling their Kayali division, and Kenyan brand Uncover completed an over-subscribed funding round.

Wrapping up with activity in the fourth quarter, Groupe Rocher sold its Ploërmel plant, and Revlon secured a substantial asset-backed credit line. ClayCo Cosmetics received US$2 million in its Series A round via Unilever Ventures, and Yse Beauty found strategic support from Willow Growth Partners. John Lewis earmarked £800 million for its store transformation, while L’Oréal raised €1.25 billion through a bond issuance. Franchise Group, owners of The Vitamin Shoppe, reached a Chapter 11 agreement.

Clean Skin Club drew US$32 million with backing from Astō Consumer Partners, and Saudi online cosmetics retailer Nice One raised up to US$322 million through an IPO. Mao Geping Cosmetics progressed towards a HK$2.3 billion IPO on the Hong Kong Stock Exchange, while Violette_FR secured Series B funding facilitated by Silas Capital and Experienced Capital. Lastly, Sugar Cosmetics attracted new funding of US$4.5 million from existing partners.