Beauty Central incubator received a $15 million minority investment from Prelude Capital Partners.
The center has founded by Ben Bennett in 2020 as an incubator for beauty brands. The business launched the plant-oriented masstige skincare brand Naturium; buy back Make Beauty, relaunched this year; and perfume line buy back Phlur, will relaunch in 2022.
Bennett said he plans to use the capital to build up the company’s employee base and spend more on marketing. There are also plans for a new franchise slated to launch in 2022.
“Bringing in Prelude was the first time I raised funds in my career, I always launch my own business,” says Bennett. “I believe you can still do it, however, it’s a much longer road. It’s a slower path. And I think if you want to reach the audience you’re trying to reach and do it effectively, you have to have some capital behind you to be able to find you and let them know you’re there. . ”
Bennett, who co-founded Hatch Beauty and sell his shares in that business in 2019, said the approach was different from what he took with his previous company. “The way my generation did it was we maxed out the credit cards, took out a loan, we raised the couch cushions and you took your $10,000 and you worked really hard to turn it into $20. .[,000],” said Bennett.
Neda Daneshzadeh, co-founder and managing partner at Prelude, said the company wants to support Bennett and The Center because he’s a “really innovative visionary” who “knows the consumer taking care well” beauty and individuality”. She also notes that Naturium “had one of the most remarkable first 18 months in a brand’s trajectory that we’ve seen.”
Naturium has enjoyed considerable success, and industry sources say Naturium is expected to hit $50 million in retail sales this year.
“That’s the strength of the brand, but as you know, the masstige clean skin care category is selling out and Naturium has a super strong value proposition for consumers. The clinically effective but botanical positioning has actually found a very strong value proposition… it’s one of the most explosive brand developments we’ve seen, with omnichannel performance extraordinary,” said Daneshzadeh.
Bennett says the brand is profitable, and he aims to achieve quick profitability with each of his other brands. In total, he said he envisions the center will operate 4-5 brands across categories.
“As a small team, it is important for us to stay focused and focused on the categories that we think have an opportunity or even more important where we believe there are customers. item is underrated. That’s a huge priority for us,” Bennett said.
Next up is Saltair, a body care brand that Bennett says will launch in January.
For more information from WWD.com, see:
https://wwd.com/beauty-industry-news/beauty-features/naturium-ben-bennett-the-center-raises-15m-from-prelude-1235011120/ Parent company Naturium Center raises $15 million – WWD