Sam McKay and Harvey Carter’s investment fund Point King Capital has made its first deal, investing $10 million into Australian health and wellness company The Beauty Chef.
WHO: The Beauty Chef was founded by former beauty editor Carla Oates 10 years ago. The Australian business develops and sells a range of whole food and nutrition “inner beauty” products online, as well as through Sephora, Goop, Net-a-Porter, Selfridges, and Space NK.
WHY: According to WWD, the capital will be deployed to grow the product line globally, funding more research in the microbiome space, building up its direct-to-consumer presence, and eventually, launching a skincare range.
IN THEIR OWN WORDS: “Together (with Point King Capital) we are in a strong position to expand our product range and take our brand further across the globe,” Ms. Oates said. “When I launched my first inner beauty product, GLOW, 10 years ago, there was no inner beauty category in the beauty space. At the time the idea of a probiotic, fermented powder for gut health and beauty was very left of field, so it’s exciting to see a significant shift in the industry.”
“We will look around the world but it has to be in companies with global businesses or with global growth plans,” McKay said. “Carla is an outstanding founder with a compelling global business. The Beauty Chef stood out as the pioneer in the category and is uniquely positioned for meaningful geographic, channel and product growth. We are passionate about the beauty and wellness industries and are confident our unique global operating expertise and networks offer partners the opportunity to accelerate the growth potential of their brand.”
- Beauty Chef has received a $10 million investment from Point King Capital.
- According to WWD, the business is said to be growing, and industry sources said it is doing about $15 million in net sales.
- Mr. McKay would not reveal the terms of the deal but said it was for a “significant minority stake.”
- Mr. McKay said the deal would be the first of several in the retail sector, but noted Point King was not in a rush and would avoid undertaking any more than a handful of deals each year.
- The Beauty Chef has hired veteran beauty industry executive Laurence Crussol as Chief Operating Officer. Crussol was most recently Jurlique global Deputy CEO.
Photo: via The Beauty Chef