Il Makiage, the fastest-growing beauty brand in the US, launched in Australia last June.
Re-launched in 2018 by brother-and-sister entrepreneurs, Oran Holtzman and Shiran Holtzman-Erel, the brand’s parent company, Oddity, attracted a US$29 million investment from L Catterton in 2017. The largest consumer-dedicated private equity firm in the world is backed by LVMH, the luxury goods giant, and later increased its stake to US$44 million.
Oddity has wisely shifted its dependence on one sole investor. The company has scored US$130 million in a secondary funding at a valuation of US$1.5 billion.
The latest investment round was led by billionaire US businessman Thomas Tull, Franklin Templeton, Fidelity Management and First Light Capital Group.
Il Makiage accounts for 95 per cent of Oddity’s revenues and has grown 100 per cent annually – from US$25 million in 2018 to US$268 million by the end of 2021.
SpoiledChild, Oddity’s second brand, is focused on skincare, haircare and supplements and is slated to launch next month.
Last August, the company acquired Voyage81, the AI-based computational strategy company for US$40 million.
According to Holtzman – “We have what it takes, our strategy is to launch a new standalone digital brand every 18 months. The third brand, which I cannot say, is more related to telemedicine and the intersection between wellness and health. Seventy five percent of our revenues are in the US, so other geographies are on our radar.”
Prior to its Australian launch, Il Makiage successfully debuted in the UK in May 2020 and Germany in November 2020.