L Catterton packs real financial muscle. The private equity major is backed by LVMH, the world’s largest luxury goods group, and the holding company of Bernard Arnault, its chairman and CEO.
As the largest consumer-focused private equity player in the world, the company invests in fashion and luxury and has a significant footprint in the beauty space.
L Catterton’s former investments in the beauty space include Bliss, Cover FX, Frederic Fekkai hair, StriVectin skincare, the Korean brand Clio, Elemis, Jessica Alba’s The Honest Company, Merit, the minimalist beauty brand, and the Tula probiotic skincare brand acquired by Procter & Gamble early last year.
In April, L Catterton announced a significant investment in fast-growing US vegan brand DIBS Beauty, which claims to “cut out the clutter and offer low lift, high pay-off glam for busy beauty consumers”.
But L Catterton could be on the verge of another prestige beauty corporate spending spree. Last week, John Demsey was listed by the firm as a senior adviser.
Demsey has long been a major player in the beauty industry. Most recently, he was an executive group president at the Estée Lauder Companies (ELC), steering key brands over the years including M.A.C Cosmetics, Estée Lauder, Tom Ford and Clinique. Before joining Lauder in 1991, he also worked for Revlon, Saks Fifth Avenue and Benetton.
Unfortunately, Demsey’s career at Lauder was derailed in February last year after he posted a meme on Instagram with racially offensive overtones and a less than savoury joke about the Covid-19 crisis.
Following his departure, Lauder’s annual report said that Demsey had a non-compete provision lasting until March 2024. According to an article in WWD, the respected US fashion trade journal, Lauder has green lit Demsey’s team-up with L Catterton.
Demsey was previously on the board of Baccarat crystal, which is backed by L Catterton, so there was already a connection with the two parties. Watch this space.
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