Raise Investissement has entered into exclusive talks to take a minority stake in Blissim, France's top beauty subscription business.

WHO: Blissim bills itself to be France's leading independent online beauty seller. Originally launched in 2011 as JolieBox, a beauty box and e-commerce business, it was acquired by Birchbox 18 months after its creation. Co-founders Quentin Reygrobellet and Martin Balas stayed on to develop Birchbox's European activity. In 2020 they acquired the French subsidiary back with the backing of Otium Capital investment fund and rebranded as Blissim.

WHY: The funds raised would be used to support Blissim's growth, and in particular its deployment in new geographic markets.

IN THEIR OWN WORDS: "We are convinced that the group has incredible development potential, especially internationally," said Mathieu Blanc, co-head of Raise Investissement, in a statement.

“This investment will help us pursue our ambition to make Blissim one of the main beauty destinations in France and Europe," said Quentin Reygrobellet, Managing Director of Blissim, to Maddyness magazine. "The business aspect is positive, digital has become central. This allows us to post very strong growth.”

DETAILS:

• Raise Investissement, the midcap branch of Groupe Raise, is considering taking a minority stake in Blissim alongside the company's management, Otium Capital, and Trocadero Capital Partners, which have been shareholders in the company for two years.
• Raise's entry into Blissim's capital will be part of a new leverage buyout operation involving the existing pool of banks, including LCL, Crédit du Nord, and Arkéa.
• Co-founders Quentin Reygrobellet and Martin Balas will remain Blissim's main shareholders. Otium Capital, which supported the executives in the carve-out of the company, is also reinvesting.
• Blissim generates about 50 million euros in yearly sales split between boxes (60%) and e-commerce (40%) while posting double-digit profit gain.
• Blissim has approximately 230,000 subscribers, who pay 13.90 euros per month, and 1.2 million clients through all its activities. The service works with more than 300 cosmetics labels, including exclusives and limited editions.
• In 2020 Birchbox sold its French subsidiary to its two co-founders Quentin Reygrobellet and Martin Balas in partnership with Otium Capital investment fund.