Yahoo Finance Winky Lux Lands Majority Investment From Core Industrial Partners
Masstige makeup and skin care brand Winky Lux has gained a majority investment from private equity firm Core Industrial Partners. Terms of the deal were not disclosed.
Founded in 2015, the cosmetics and skin care brand is sold at Ulta Beauty, Target, Shoppers Drug Mart and more. Bestsellers include Flower Balm, Universal Brow Pencil and Peeper Perfect Concealer.
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The investment allows Winky Lux to fund the expansion of both its digital and brick-and-mortar retail channels, according to the brand’s cofounder and chief executive officer Natalie Mackey.
She said: “This partnership enables us to meet customer demand, scale our operations, maximize existing retailer partnerships with Target, Ulta and Shoppers Drug, and reach new heights in product innovation.”
The executive team will all remain at the company. In addition, Winky Lux has appointed industry veterans Zack Zavalydriga, previously of DevaCurl, and Cassandra Batista, who has worked at a number of beauty companies including Shiseido and the Estée Lauder Cos., to the company’s board of directors.
John May, managing partner of Core, said: “The growth prospects and underlying demand drivers of the beauty industry remain highly attractive and we’re confident the strength of the Winky Lux brand combined with our resources and operational experience will assist their leadership team in executing against their long-term plans for growth.”
Core entered the beauty industry in 2020 through its investment in Cohere Beauty, a beauty and personal care contract-manufacturing platform consisting of four manufacturers — Marianna Beauty, Arizona Natural Resources, Health Specialty Inc. and Contract Filling Inc. — which have been integrated to offer product formulation, manufacturing and packaging under one roof. Its primary categories are hair care, fragrance and skin care.
Mackey told WWD that as of now, there are no plans for Cohere to manufacture Winky Lux products as those are different to what Cohere makes, but they will brain storm ideas together.
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