Peach & Lily has taken its first big investor with Sandbridge Capital making a minority investment in the K-Beauty brand.
WHO: Peach & Lily was founded in 2012 by Alicia Yoon as a platform to bring Korean beauty trends into the US market. The business also has two owned brands: Peach & Lily, a prestige brand launched in Ulta Beauty, and Peach Slices, a mass brand sold at CVS. It also acts as a third-party distributor to certain K-Beauty brands.
Sandbridge Capital partners with global brands in luxury, disruptive consumer-based technologies, beauty, health, and wellness. Brands in the fund’s portfolio include Thom Browne, Derek Lam, Farfetch, The Real Real, Ilia and Youth To The People.
WHY: The capital will allow Peach & Lily to start expanding internationally and develop more in-real-life experiences for the community.
IN THEIR OWN WORDS: “We didn’t really raise the capital because we needed the capital. This is year eight of the business and this is our first-ever institutional partner,” Peach & Lily founder Alicia Yoon said to WWD. “We wanted a strategic growth investment.”
“Alicia is already well on her way to building an incredibly authentic premium brand, artfully blending natural ingredients and efficacy with a refreshingly innovative and modern approach to K-beauty. We see an ideal opportunity with the Peach & Lily brand to strategically leverage Sandbridge’s global brand-building capabilities in support of the company’s trusted beauty platform and exceptional pipeline of new product innovation,” Sandbridge Capital said to WWD.
- Sandbridge has taken a minority stake in Peach & Lily.
- The terms of the investment were not disclosed.
- The company said sales more than doubled year-over-year with 65% of sales last year coming from repeat purchases.
- Industry sources said that Peach & Lily’s sales are expected to reach more than $100 million in the next few years.
- Last month Sandbridge Capital funded the Series B round for clean beauty brand Ilia and made a minority investment in Youth To The People in March of 2019.
Photo: Peach & Lily via Facebook