Hilary Duff, Chelsea Handler, and a group of investors join Alliance Consumer Growth, a private equity firm that invested in Nudestix in 2015. This funding is earmarked to fund project growth and come with the bonus of potential collaborations with Duff and Handler.
The brand was founded in 2014 by beauty industry veteran and chemical engineer Jenny Frankel, and her two daughters and co-founders, Taylor and Ally. The idea was a “less is more” approach to beauty in the form of on-the-go makeup sticks that create the ultimate fresh-faced, nude look. The product can be smudged on with fingers instead of meticulously applied with brushes to create quick and easy nude looks for all faces.
“We are so excited to have Hilary Duff and Chelsea Handler as part of the Nudestix family. Both of these babebosses are incredible women who embody what Nudestix is all about, embracing your natural features and showing them off with total confidence. It’s important for us to partner with like-minded people to share our mission and take the brand to the next level. We are honored that they believe in what Nudestix is doing!,” Jenny Frankel, co-founder & President of Nudestix, said in a statement.
According to WWD, industry sources put Nudestix between 85 million and 100 million Canadian dollars, or $64.7 million and $76.1 million, in retail sales. Frankel, also projects to triple the business over the next three years.
Photo: via Nudestix