Patrick Ta Beauty has a new investor.
Stride Consumer Partners, whose partners were early investors in Tatcha, Skinfix, First Aid Beauty and Drybar, among others, acquired a minority stake in the company founded by professional artist Patrick Ta. Terms of the deal were not disclosed, although industry sources estimate Patrick Ta Beauty’s sales are expected to reach $ 30 million in 2022.
Ta founded the brand in 2019 together with Rima and Avo Minasyan, and it is sold exclusively by Sephora and via their website. “I wanted to create a brand that would allow women and people to feel safe in their own skin,” said Ta. “Everything is designed for people to amplify their natural beauty. It offers a lot of space to innovate and play and this has been really exciting for our consumer. ”
That ethic filled a blank space for Stride Consumer Partners, who said they were drawn to the brand’s versatile proposition and the tenacity of its founders.
“We focus on brands of passion where founders with a mission have developed a very distinctive, premium quality product and generated a tremendous amount of customer loyalty,” said Stride partner Steve Berg. “Patrick is such an authentic and talented artist, and the products they are developing are incredibly high quality, but also distinctive.”
Added Nicole Fourgoux, the company’s operating partner, “This really looks like an untapped opportunity for us. We have the opportunity to focus on the portfolio and expansion of distribution, with a strong focus on our exclusive partner, Sephora. “
Retail and innovation will be key priorities with the infusion, as will building the Patrick Ta Beauty team. “Regarding the customer experience, we are exclusive to Sephora, with them we carry out 70% to 80% of our business and the rest is in the digital and international markets,” said CEO Avo Minasyan. “We are in the European Union, the United States, Canada and South East Asia with Sephora, as well as a couple of stores with Flannels in the UK and Cult Beauty.”
Customer retention rates have helped build the brand, and funding will help build a wider network. “The product is very special and anyone who tries it ends up falling in love with the product,” said co-founder Rima Minasyan. “This round will help us amplify the consumer and bring the product to more people. More bricks and mortar, more consumer engagement … we’re not really trying to change anything. We’re just amplifying it. “
Makeup is still the largest category in prestige beauty, with $ 2 billion in sales in the last quarter in the United States. according to the data of the NPD Group.