British private equity firm Langholm Capital Partners sold its minority stake in Finnish beauty company Lumene Group to Verdane.
WHO: Founded in 1970 by pharmaceutical manufacturer Orion, Lumene was formerly known as Noiro. Today, Lumene is the market leader in Finland with an established customer base in the other Nordic countries as well as in China, Russia, Great Britain, and the United States. In addition to its main brand, the skincare and makeup brand Lumene, the company owns haircare brand Cutrin.
WHY: Verdane intends to leverage this expertise to accelerate Lumene Group's international growth and accelerate its direct-to-consumer business.
IN THEIR OWN WORDS: Johan Berg, CEO at Lumene, commented, "Since 1970, Lumene has had an extensive journey to become one of the leading Nordic cosmetics brands, and the market leader in Finland. The past few years have been particularly transformational for our business, as we moved closer to our Nordic and natural roots and expanded into new dynamic markets like China and the U.K. We would like to thank Langholm Capital Partners for their support in our journey to date. As we continue our international expansion and look to bolster our online capabilities, we are excited to be partnering with Verdane, an investor who shares our values and vision of helping everyone to achieve their own idea of beautiful, sustainably."
"We believe that we will be able to bring significant added value to Lumene Group's current business and strengthen digital brand marketing and e-commerce operations," says Verdane President and CEO Hanna Eiderbrant.
DETAILS:
