Rhyz Inc, the strategic investment arm of Nu Skin Enterprises, has acquired the social selling platform Mavely.
WHO: Mavely was founded in 2018 by Evan Wray, Peggy O'Flaherty, and Sean O'Brien to help brands easily turn their customers and influencers into social sales teams. Mavely leverages communal commerce and proprietary technology to allow social sellers to easily post, share, and transact.
Founded more than 35 years ago, Nu Skin Enterprises empowers innovative companies to change the world with sustainable solutions, opportunities, technologies, and life-improving values. The company currently focuses its efforts around innovative consumer products, product manufacturing, and controlled environment agriculture technology. The NSE family of companies includes Nu Skin—which develops and distributes a comprehensive line of premium-quality beauty and wellness solutions through a global network of sales leaders in Asia, the Americas, Europe, Africa, and the Pacific—and Rhyz, the strategic investment arm that includes a collection of sustainable manufacturing and technology innovation companies.
WHY: Mavely will continue to grow its network by leveraging Nu Skin's community of global influencers. The technology will provide new cross-channel, social-selling features and capabilities to Nu Skin brand affiliates.
IN THEIR OWN WORDS: "We're confident this technology will help simplify and supercharge social selling for millions of Nu Skin brand affiliates," said Ryan Napierski, President and CEO of Nu Skin. "Mavely's advanced social commerce platform will help accelerate our progress toward this vision, further support our areas of growth, and allow our brand affiliates to quickly and easily share our innovative beauty and wellness solutions."
“Nu Skin is well positioned to take advantage of the rapid growth in social commerce, and we look forward to partnering with the team to help drive their business and tap into their global reach as we continue to scale," said Evan Wray, CEO and co-founder of Mavely. "By bridging the gap between brands and social commerce companies, Mavely is unearthing a massive new acquisition channel and reshaping the future of social selling in the process.”
- Rhyz Inc, the strategic investment arm of Nu Skin Enterprises, has acquired Mavely. The terms of the transaction were not released.
- Mavely raised $2 million from PivotNorth Capital, Starting Line, and TMV.
- Mavely will operate as its own entity as a part of the Rhyz family of companies. Its technology platform will provide new cross-channel social selling features and capabilities to Nu Skin's brand affiliates.
- In January 2021, Nu Skin acquired 3i Solutions, an innovative company that develops and manufactures ingredients for consumer markets through proprietary encapsulation technologies.
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