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L Catterton Makes Growth Investment in DIBS Beauty

Published April 28, 2023
Published April 28, 2023
Dibs Beauty

L Catterton made a significant growth investment in DIBS Beauty, the start-up color cosmetics brand founded by the Tula Skincare founders.

WHO: DIBS Beauty was launched in September 2021 by Tula Skincare founders Ken Landis (who also co-founded Bobbi Brown Cosmetics) and Dan Reich, with Austin, Texas-based influencer Courtney Shields and former Chief Operating Officer of A-Rod Corp Jeff Lee. DIBS Beauty was born out of a desire to cut through the clutter, taking the intimidation out of makeup with uncomplicated color combos and ingredients. The line was specifically built to be mistake-proof, multipurpose and stackable, enabling easy transformations that any consumer can achieve.

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands.

WHY: L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include Tula, Merit, Oddity, Function of Beauty, The Honest Company, Intercos, Marubi, Elemis, Nutrafol, and many others.

IN THEIR OWN WORDS: "DIBS is about elevating beauty essentials for consumers who range from 0 to 100 in terms of makeup knowledge. We have reached this milestone well ahead of expectations, and L Catterton has the expertise and agility to help us become the leader in multifunctional, effortless makeup. Our makeup goes where our customers go, and we intend to meet them both across our rapidly expanding digital channels and in brick-and-mortar retailers," said Jeff Lee, CEO and co-founder, DIBS Beauty.

"DIBS Beauty is a highly distinctive brand that has quickly established a reputation for offering approachable, multifunctional makeup essentials that resonate with its customers," said Jon Owsley, Co-Managing Partner of the L Catterton Growth Fund. "We are thrilled to once again partner with Ken and Dan who are proven entrepreneurs in beauty as well as Courtney and Jeff, who are uniquely suited to drive growth in this digitally-native brand. We look forward to leveraging our expertise in beauty to support the company's ambitious expansion strategy."

TRIBE DYNAMICS EMV: In Q2, DIBS entered the influencer getaway game, whisking a cohort of brand fans off to a sunny retreat at the St. Regis Bahia Beach Resort in Puerto Rico. The vegan, cruelty-free brand, which is designed to offer “Desert Island Beauty” essentials, pampered attendees with gourmet food, spa treatments, and a host of bonding activities. Many trip participants ranked among DIBS’ top Q2 EMV drivers, including No. 1 earner Laura Beverlin (@queenofgettingbanned on TikTok), who powered $506.5K EMV across 30 posts after not mentioning the brand in Q1. Laura authored DIBS’ top four highest-earning posts, with other attendees like Brooks Nader (@brooksnader) also sharing impactful content. In all, DIBS closed Q2 with $5.6MM EMV, a 56% QoQ growth.


  • L Catterton made a significant growth capital investment in DIBS Beauty. The terms of the transaction were not disclosed.
  • In less than a year and a half, DIBS Beauty has sold out of their hero Desert Island Duos six times and has grown more than 450% year over year through selling directly to consumers.
  • The brand launched with its first retailer, Revolve, in July 2022 and has been one of the fastest-growing beauty brands on their site.
  • The brand's first tool, the multipurpose Duo Brush 15, has sold out multiple times since its launch in September 2022 and currently has a waitlist of over 50,000.

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