Private equity firm Quadrant Growth Fund has taken a 60 per cent stake in pureplay online beauty retailer Adore Beauty.
Announced on Monday, the acquisition comes at a time of rapid growth in the 20-year-old e-commerce business.
Adore Beauty currently has a revenue run rate of more than $100 million, more than triple its turnover in FY17, and recently expanded into New Zealand, its first international market since a short-lived stint on Alibaba’s Tmall platform in 2016.
Adore Beauty co-founder and CEO Kate Morris said the sale would help the business to achieve its goal of disrupting the traditional beauty retail experience and helping women to feel empowered in their choices.
“We are so thrilled to work with Quadrant to achieve this goal in Australia and beyond,” she said in a statement.
Morris started the business with her now husband James Height in her garage in 1999 and has grown Adore Beauty into the leading online-only beauty platform in Australia, offering over 220 prestige, professional and niche brands across skincare, hair care, makeup, fragrance and wellness.
Height said Quadrant is committed to maintaining the company’s culture and values – Morris has been vocal about closing the gender pay gap and supporting young women in STEM – and its commitment to customer experience.
The sale price was not disclosed.
Morris sold a 25 per cent stake in the business to Woolworths Limited in May 2015, but bought back the stake after two years due to strategic differences.