L Catterton makes generous growth capital investment in Tula skincare brand
L Catterton, the world’s largest consumer-focused private equity firm, has invested an undisclosed amount into Tula, a results-driven skincare brand co-founded by Ken Landis, a co-founder of Bobbi Brown Cosmetics.
The Tula skincare brand has experienced steady and impressive growth since its strategically positioned debut on QVC in 2014. Over the past three years, the brand— known for its scientifically-driven products that incorporate a patented probiotic technology—has managed to expand its presence on the television screen by stocking their luxury products in brick-and-mortar SpaceNK stores across the U.S. Now, with the help of L Catterton, the world’s largest consumer-focused private equity firm, the company will use an undisclosed investment to put towards marketing, working capital and product development.
The brainchild of Bobbi Brown Cosmetics co-founder Ken Landis, board-certified gastroenterologist and internist Dr. Roshini Raj and tech entrepreneur Dan Reich, the goal of the Tula brand is among good company in L Catterton’s portfolio of other beauty space investments including Bliss, Cover FX, StiVectin, Frederic Fekkai and Dr. Wu.
According to Rachel Ungaro, Vice President of Buying for apparel, accessories, beauty and jewelry at QVC, the Tula brand achieved a 78% increase in new customers in 2016, exceeding QVC’s expectations.
"With the support of L Catterton, we are excited to reach even more consumers through QVC's multi-platform retail model, our own direct channel, and unique partnerships with retailers like SpaceNK,” said Julia Straus, Chief Executive Officer of Tula.
The brand currently has 12 SKUs in the price range of $10-$110. The products are available on QVC and SpaceNK stores nationwide.
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