BlueGem Capital Partners, owner of Liberty London, makes a second acquisition in the beauty space with a majority stake in the indie makeup brand Iconic London. This deal is the second transaction for BlueGem in the past nine months, having acquired QMS Medicosmetics in October. In a statement, BlueGem says it will continue to look for premium brands in the beauty space, and the aim is to take them global before selling them in a three- to five-year time frame.
WHO: Launched in 2015 by former makeup artist Jade Elliott, Iconic London is a trend-led brand catering to an audience mostly in their mid-20s. The brand is known for its liquid highlighter and illuminator hero products. The product is cruelty-free, while the brushes and the illuminator are vegan. The brand is sold through Harvey Nichols, Fornum & Mason, and Cult Beauty in the UK.
Blue Gem Partners has an entrepreneurial approach to portfolio management, acting as a hands-on partner in the value creation process. They have assets under management of over €500 million, raised from a global investor base. They seek to invest €20 million to €75 million of equity in medium-sized business in selected countries in Western Europe with an enterprise value between €50 million and €300 million.
WHY: The investment is earmarked to accelerate growth from a retail, product, sourcing, and staffing point of view.
IN THEIR OWN WORDS: “The time has come to take Iconic to the next level with the right investment. It has been the most incredible journey and I cannot wait to embark on the next stage with Blue Gem’s support,” Elliott said of the acquisition; she also noted Blue Gem’s involvement will support the brand’s US rollout in late 2018.
Blue Gem noted Iconic London “has consistently challenged the traditional beauty landscape with a new approach to purchasing beauty in the digital age, amassing over 800K global followers and influential fans to date, which has been integral to the brand’s instant success.”
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