Cult Australian clean beauty and personal care brand, Frank Body, has completed an investment round which values the company at $100 million, led by China-based private equity firm, EverYi Capital.
The new funds raised will allow the brand to expand its Asian footprint over the next three years, including assembling a localised team in Shanghai, developing go-to-market strategies and supporting a partnership with Australian retailer Mecca, which recently entered the region through Tmall.
Steve Rowley, Frank Body co-founder and CEO, said the partnership with EverYi Capital enables the brand to take its clean beauty and personal-care products to a broader market.
“Having a local operational partner gives us insight and support to grow what we anticipate will be one of our core future markets.
“EverYi Capital shares both our passion for the consumer and our values around clean, accessible beauty and personal care products – this will begin an incredibly exciting next stage for our team,” said Rowley.
Together with EverYi Capital, Frank Body will take lessons from its entry into North America and the UK.
The US currently represents the brand’s largest market, with approximately 50 per cent of last fiscal year’s revenue generated from North America through direct-to-consumer sales and partnerships with retailers including Ulta, Target and Urban Outfitters.
Earlier this year, the company also launched into 350 Boots stores in the UK.
Growth in international markets complements Frank Body’s local Australian results, driven by its partnership with Mecca and its direct-to-consumer performance, which saw year-on-year growth in the region of more than 50 per cent last year.
Founded by five friends with an initial investment of $5000 in 2013, Frank Body remains independently owned and operated, with co-founders Steve Rowley, Bree Johnson, Jess Hatzis and Alex Boffa retaining their controlling interest. Susan Shui-Shien Lin, EverYi Capital managing partner, will join the Frank Body co-founders and Unilever Ventures on the board.
“The face- and body-care category in China is a relatively untapped market to affordable, premium brands. We believe Frank Body’s expansion in China will benefit from this opportunity, and we are excited to support the business in this exciting next phase,” said Shui-Shien.