L Catterton Congratulates ODDITY on its IPO

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Jul 19, 2023, 13:41 ET

GREENWICH, Conn., July 19, 2023 /PRNewswire/ -- L Catterton, a leading global consumer-focused investment firm, is pleased to congratulate ODDITY, the parent company of beauty and wellness brands IL MAKIAGE and SpoiledChild, on its IPO. ODDITY began trading today on Nasdaq under the ticker "ODD." The offering was heavily oversubscribed, leading ODDITY to price at $35 per share, significantly above the initial range of $27-30 and above the revised filing range of $32-34. At the IPO price, the Company had an initial market capitalization of approximately $2.3 billion.

ODDITY is a consumer-tech company which builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company's first brand, IL MAKIAGE, defines and builds the future of beauty by using ODDITY's unparalleled technology to connect people with superior, painstakingly tested, beauty products. Since the brand's launch, IL MAKIAGE has converted millions of consumers from shopping for beauty products in stores to making purchases online and disrupted the industry in the process. ODDITY launched its second brand, SpoiledChild, in February 2022 to change the wellness industry with personalized hair and skin products.

L Catterton initially invested in ODDITY in 2017. Since the firm's investment, IL MAKIAGE has captured significant market share in the fragmented complexion category and leveraged L Catterton's global resources and experience to expand its mission worldwide with the brand's successful launch in numerous international markets. IL MAKIAGE's growth has been unparalleled and was recognized as the fastest growing global beauty direct-to-consumer platform from 2020 to 2022¹ and the fastest growing digital, direct-to-consumer beauty brand in the United States through 2021². ODDITY's second brand, SpoiledChild, generated $26 million in net revenues in 2022 and is scaling even faster than IL MAKIAGE.

"When we made our investment in ODDITY, we saw exceptional leadership and an extraordinarily rigorous, data-driven new product development process. They continued to invest in their data science, AI, hyperspectral recovery, and science capabilities to develop high performance products culminating in a passionate following," said Michael Farello, a Managing Partner of the Growth Fund at L Catterton. "Today's milestone is a testament to the team's unwavering commitment to redefining and building the future of beauty and wellness. It's been an honor to be part of ODDITY's tremendous growth and we look forward to continuing to support the company in its ongoing efforts to disrupt the beauty and wellness market through AI and data science to solve pain points for consumers buying online."

L Catterton has taken many of its investments public through an IPO, including Restoration Hardware, Leslie's, Vroom, Peloton, dentalcorp Holdings, Espaçolaser, and Noodles & Company, among others.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Media Contact:

Julie Hamilton
Managing Director, Firm Communications
[email protected]
203.742.5185

¹ According to data from Women's Wear Daily
² According to data from Digital Commerce 360

SOURCE L Catterton