Il Makiage parent company charts path for massive growth with new investors and brands – Glossy.co

Oddity, the parent company behind DTC makeup brand Il Makiage, has secured a $130 million secondary-market private round as it seeks to diversify its investors and expand its business model. On Monday, Oddity announced billionaire entrepreneur Thomas Tull, investment firm Franklin Templeton, Fidelity Management and First Light Capital Group as new investors. Up until now, private equity group L Catterton has been the only outside investor in the business, investing $44 million since 2017. Oddity is not issuing new shares as a secondary fundraise; instead, L Catterton’s ownership of the company is being reduced from a 35.8% stake to 27.8%. Oran Holtzman, CEO and co-founder of Oddity, said he wanted to diversify the company’s investors to bring in additional expertise, but he declined to elaborate. He noted that L Catterton did not ask to sell its shares and that it was a strategic business choice for Oddity. In Dec. 2020, Holtzman confirmed that Il Makiage had contracted Centerview Partners and Goldman Sachs to explore deal options, including a potential sale of an initial public offering. Holtzman declined to provide updates on the IPO or sales plans. Il Makiage reported $260 million in 2021 revenue and is profitable. Oddity plans to…
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