WORLD NEWS
Milk Makeup & Obagi merge with
Chris Good
PEOPLE
MANUFACTURERS Estée Lauder Companies has announced a mass reshuffle of executive jobs following the news that North American Group President Chris Good will exit his role in February 2022. Mark Loomis, currently President of ELC’s Asia/Pacific region, will succeed Good. Meanwhile, Joy Fan will be promoted to President and CEO, China, reporting to Peter Jueptner, ELC’s new President, International, who takes over from Cedric Prouvé. Finally, Matthew Growdon, currently General Manager, Japan, will be promoted to Senior VP and General Manager of the Asia/Pacific division.
Coty has poached Shiseido’s Senior VP of its American Innovation Center, Shimei Fan, to become its Chief Scientific Officer. Fan has previously served in executive roles for heavyweights including Unilever, Johnson & Johnson and Beiersdorf.
Kiko Milano’s CEO, Cristina Scocchia, has quit the business to join coffee specialist Illy as Chief Executive, after four years with the Italian beauty brand. Her successor is yet to be announced.
PACKAGING Arcade Beauty has appoined Carl Allain as President and CEO. Allain, who joined Arcade Beauty in 2011, will replace Peter Lennox, who has helmed the business since 2016.
cosmeticsbusiness.com
acquisition corporation Waldencast US Milk Makeup and skin care brand Obagi have merged with acquisition specialist Waldencast to form a US$1.2bn beauty company. Milk Makeup is known for its Gen Z-friendly marketing and can be found at retailers Sephora, Selfridges and Cult Beauty, while Obagi is primarily sold by the professional beauty sector, and focuses on ageing skin. The deal between the two beauty brands and financial
firm Waldencast is expected to close in H1 2022. The existing shareholders of Obagi and Milk Makeup are expected to hold equity of 20.5% and 14.9% respectively.
Jaime Castle, CEO of Obagi, and Tim Coolican, CEO of Milk Makeup, will retain their responsibilities and report to Waldencast Chief Executive Michel Brousset.
Skinfix receives investment from Stride Consumer Partners
CANADA Skinfix, the ‘clean’ Canadian skin care brand, has received a minority investment from private equity company Stride Consumer Partners to continue building its growth. Founded in 2014 by Amy Gordinier, the brand has tripled its growth over the last year with its range of cruelty-free, vegan and dermatologist-backed products that are designed to heal, replenish and maintain the skin barrier on both the face and body. Available exclusively at
Sephora in the US, Canada and Australia as well as online, Skinfix will use the investment to further improve its e-commerce platform, as well as
developing new products and testing practices and filling out its team. Gordinier, Skinfix’s
founder and CEO, said: “As a white-space brand looking ahead to the future of science-led skin care innovation, we believe that Stride is the right partner to help us grow and realise the possibilities ahead.”
JURY REJECTS PARLUX’S $68M CONTRACT LAWSUIT VS RAPPER JAY-Z
US A New York jury has rejected fragrance giant Parlux Fragrances’ bid to sue Jay-Z for breaching the terms of his contract. The fragrance creator dragged the rapper through the courts, seeking damages of US$67.6m, for claims that he failed to promote his signature scent, Jay-Z Gold. Members of the jury also dismissed the hip hop icon’s
countersuit for alleged unpaid royalties, Law360 reported. “You failed to prove your case, and they failed to prove
their case,” New York State Supreme Court Justice, Andrew Borrok, said after hearing the verdict. The trial has been six years in the making, after Parlux’s parent, Perfumania Holdings, filed the case against Jay-Z, whose real name is Shawn Carter, and his company S Carter Enterprises in 2016.
Waldencast was founded by Brousset, the former Group President of L’Oréal North America, and former L’Oréal General Manager Hind Sebti as a special purpose acquisition corporation in March. Brousset described the deal as a “major milestone” for Waldencast, which “will be home for the next generation of high-growth, purpose-driven brands”.
Birchbox snapped up by FemTec Health for $45m
US Birchbox, the brand best-known for
popularising the beauty subscription box category, has been acquired by women’s health start-up FemTec Health. The heavily backed, Texas- based firm, which is thought to be valued at around US$380m itself, laid down more than $45m for the beauty box brand, according to Forbes. Under its new owner, Birchbox, which
established its pioneering beauty box venture in 2010, will redirect its brand strategy towards skin care and health products.
By integrating FemTec’s BiomeAI platform, Birchbox subscribers will be able to input their personal health data and receive personalised skin care and health recommendations.
December 2021 7
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