Australian beauty brands are kicking goals like never before. Pioneering local brands Boost Lab and tbh Skincare have merged in a new banner company – York St Brands – to double their firepower in the local and international markets.
The driving force behind the move is a $5 million Series B funding round led by Alium Capital, which has been Boost Lab’s largest investor since its launch.
Both brands debuted in 2020 and have a strong specialist approach. Acne-focused products are the forte of tbh and customised serums formulated to address skincare issues such as dehydration, ageing and blemishes are the cornerstone SKUs of Boost Lab.
Over the past three years, both brands have enjoyed significant growth. Starting as a DTC business, tbh went from $10,000 in sales in the first month to $900,000 in 18 months. The brand entered 402 Priceline stores in April and the acronym stands for ” the biofilm hack” to point up the buzzy, on-trend image of its effective products.
Boost Lab has carved out a strong niche for affordable, simplified serums for women aged 40-plus. The brand also started as an online business before moving into bricks-and- mortar retail through core partnerships. Earlier this year, the brand expanded distribution to TerryWhite Chemmart to take its stockists over more than 1500.
Well-known industry entrepreneur, Craig Schweighoffer, the co-founder of Boost Lab has been appointed CEO of York St Brands. While tbh Skincare founders, Rachael Wilde and Bridget Mitchell, have been tapped as CMO and CFO, respectively. Both brands will continue their individual identities under the new umbrella holding company and Raj Ghatge, General Manager Sales & Marketing for Boost Lab, will become COO of York St Brands.
The newly created company will focus on further global expansion, new sales channels, product developments and accelerating its e-commerce business. Predicted sales are expected to reach $10 million by the end of the year.
Schweighoffer, who also founded the successful Ecoya and Trilogy brands, notes that tbh and Boost Lab are stronger together. “Our revenues doubled together, and we have a stronger management team together.” York St Brands combined strength could also be used to acquire and incubate more brands going forward. With Schweighoffer’s long track record – watch this space…
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