The minimalist beauty brand launched by Who What Wear co-founder Katherine Power earlier this year has announced that it has completed a $20 million Series A funding round led by LVMH-backed L Catterton.
In January, the US subsidiary of cosmetics group L’Occitane filed for chapter 11 bankruptcy protection as a prelude to restructuring L'Occitane en Provence’s business, a reorganisation that has recently been completed.
Due to the pandemic, L’Occitane has had to restructure. But thanks to e-tail and China, the multinational beauty group has proven resilient, and hopes this dark period will foster more responsible business practices.
In the first half of the current financial year, sales at L’Occitane International (the owner of L'Occitane en Provence and Erborian) dropped by 15.2%, to €616.6 million, affected by the Covid-19 crisis.
Function of Beauty said the investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.