Skyn Iceland‘s Hydro Cool Firming Eye Gels and Dissolving Microneedle Ice Patches have become cult buys for beauty lovers worldwide. The US clean and green skincare brand with a Nordic wellness positioning is sold in Mecca and through leading websites in Australia and has built up a dedicated following for its solutions-based SKUs.
Founded 19 years ago by Sarah Kugelman, the bulk of the brand’s US$10 million a year sales are in the US. But new owners plan to triple sales to US$30 million and fast-track global expansion over the next three to four years.
Financial details of the new agreement have not been disclosed. The company is now called Skyn Holding and will be helmed by Antoine de Larocque, former CEO of the France-based Pharma & Beauty Group. A core investor is Impala, the diversified investment company, whose previous beauty investments include Augustinus Bader, Lierac, the anti-ageing skincare brand, and fragrance heavyweight Roger & Gallet.
Skyn Iceland is available in 1400 retail doors in the US, including Ulta Beauty, and is poised to roll out in 600 JCPenney beauty halls by 2023.
The company’s HQ will shift from the US to Europe. “Skyn Iceland has DNA from Europe, but it doesn’t have a strong retail base in Europe,” says de Larocque. “I decided to work on this project because the US market is already built, and that’s not easy to do. It’s working well, and it’s easier for me to develop the brand in Europe. We can also develop it in Asia, too.”
In the US, Skyn Iceland’s sales on Amazon surged 300 per cent in 2021. Some products are already available on amazon.com.au and will launch on the e-commerce titan’s European platform later this year.
The company has recently signed an agreement with Dufry, the travel retail major, to roll out in duty-free stores worldwide with a focus on China. Over the next 18 months, it will also enter the supplements and therapeutic solutions categories.
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