Function of Beauty hit the headlines two years ago with its first product – customisable shampoo – attracting celebrity fans such as Sofia Vergara.
Founded in 2016 by Zahir Dossa, Joshua Maciejewski and Hien Kaplan, the US company’s goal was mass – not prestige – customisation in beauty.
In July this year, Function of Beauty launched its customisable body lotion and wash, followed by personalised facial skincare – cleanser, serum and moisturiser – in October.
A true global leader, Function of Beauty’s products are available in 45 markets and current global sales exceed US$100 million.
L Catterton, the investment arm of LVMH, the world’s largest luxury goods group, has taken a US$150 million minority investment in Function of Beauty.
Most of the company’s sales are in the US, but the next biggest markets for expansion are the UK, Canada and Australia, says Dossa.
The investment will springboard further product development and international expansion. A lot of the capital will be used to help us double down on the body and skincare categories, adds Dossa.
L Catterton has a strong track record of investments in beauty and health companies, including Jessica Alba’s The Honest Company, British prestige skincare brand Elemis, Il Makiage, Frederic Fekkai and Tula, the US probiotic skincare brand.
According to Avik Pramanik, a partner in L Catterton, Function of Beauty has cracked the code of code of mass customisation and is poised to redefine the beauty landscape.