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Skyn Iceland Changes Ownership

June 20, 2022
June 20, 2022
Skyn Iceland

Skyn Iceland, the skincare clean brand, is entering a new phase of development with the arrival of a new shareholder and ambitious plans for international growth.

WHO: Skyn Iceland was founded by industry veteran Sarah Kugelman in 2003 to address the depleting and damaging effects of stress on the skin using pure and potent natural ingredients from Iceland.

WHY: The restructured brand, now led by Antoine de Larocque, will focus on three main geographical areas: North America with current partner Ulta beauty and a new distribution with JCPenney; Europe through the implementation of new distribution networks in travel retail with Dufry and selective distribution networks; and Asia, through its joint venture with the Chinese specialty distributor SuperOrdinary. The company will still heavily rely on its strong partnership with the distributor Market Defense, which has led to a solid sales development on Amazon US (and now Amazon UK and Europe).

IN THEIR OWN WORDS: "It was a meeting between two people sharing the same idea and strategy to focus on clean products," Frédéric Boulet explained to WWD, referring to himself and Antoine de Larocque. "With the wish to present to customers global clean brands—including nutritional complements and therapeutic formulas—and focusing on our Nordic DNA."

Boulet said, "Skyn iceland will grow by enlarging its products offer to nutritional complements and therapeutic products, by developing new retail channels such as spas, by adding new territories including Europe. We will continue optimizing the super potent ingredients from nordic nature to develop a beauty approach inspired by the nordic way of life for an embellished skin over time."

DETAILS:

  • Antoine de Larocque acquired Skyn Iceland. Capital is being restructured around Skyn Holding, headed by Antoine de Larocque, with the support of investor Jacques Veyrat through his personal holding Impala. Frédéric Boulet remains a core shareholder of the company.
  • Skyn Iceland currently has 30 stockkeeping units and generates $10 million, with half of the revenue coming from eye gel and microneedle eye patches. 
  • 63% percent of sales come from North America, where the brand is in about 1,400 doors. Ulta is its main retailer in the US, and the brand has entered into an agreement with JCPenney representing 600 doors.
  • China is the second most important market for Skyn Iceland, where it is distributed by joint venture partner SuperOrdinary. 
  • Skyn Iceland also signed an agreement with travel retail operator Dufry.
  • The management of Skyn Iceland is organized under the leadership of Antoine de Larocque, with Frédéric Boulet in charge of growth and innovation and Sylvain Ducret as head of finance and operations. Founder Sarah Kugelman will still collaborate with the company.
  • Skyn Iceland's headquarters will move to France from the US.
  • Skyn Iceland plans to triple its sales within four to five years by offering a wide variety of therapeutic products and nutritional supplements centered on Nordic Well Aging to an expanded and renewed customer base. 
  • Skyn Iceland received $3 million in angel funding in 2019 and reported $18 million in global retail sales in 2018.
  • Palix Unlimited was the financial and strategic advisor on the transaction.
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